Question: Flint Inc operates a cable television system At December 31

Flint Inc. operates a cable television system. At December 31, 2011, the following unadjusted account balances were available:
The following data are available for adjusting entries:
a. At year-end $1,500 of office supplies remain unused.
b. Annual depreciation on the building is $20,000.
c. Annual depreciation on the equipment is $150,000.
d. The interest rate on the note is 8 percent. Four months’ interest is unpaid and unrecorded at December 31, 2011.
e. At December 31, 2011, service revenue of $94,000 has been earned but is unbilled and unrecorded.
f. Utility bills of $2,800 are unpaid and unrecorded at December 31, 2011.
g. Income taxes of $49,633 were unpaid and unrecorded at year-end.
1. Prepare a worksheet for Flint.
2. Prepare an income statement, a retained earnings statement, and a classified balance sheet for Flint.
3. Prepare the closing entries.

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  • CreatedSeptember 22, 2015
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