Flint Inc. operates a cable television system. At December 31, 2019, the following unadjusted account balances were available:

Cash	$ 2,000	Common Stock	$300,000
Accounts Receivable	89,000	Retained Earnings, 12/31/2018	14,700
Supplies	5,000	Dividends	28,000
Land	37,000	Service Revenue	985,000
Buildings	209,000	Royalties Expense	398,000
Accumulated Depreciation (Buildings)	40,000	Property Taxes Expense	10,500
Equipment	794,000	Wages Expense	196,000
Accumulated Depreciation (Equipment)	262,000	Utilities Expense	34,000
Other Assets	19,700	Miscellaneous Expense	44,000
Accounts Payable	29,500	Interest Expense	15,000
Notes Payable (due in 2023)	250,000

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%. Four months interest is unpaid and unrecorded at December 31, 2019.
e.	At December 31, 2019, services of $94,000 have been performed but are unbilled and unrecorded.
f.	Utility bills of $2,800 are unpaid and unrecorded at December 31, 2019.
g.	Income taxes of $49,633 were unpaid and unrecorded at year end.

Required:

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.

unt Descriptions

Labels
Current assets
Current liabilities
December 31, 2019
Expenses
For the year ended December 31, 2019
Long-term liabilities
Property, plant, and equipment
Stockholders equity
Amount Descriptions
Dividends
Net income
Net loss
Retained earnings, December 31, 2019
Retained earnings, January 1, 2019
Total assets
Total current assets
Total current liabilities
Total liabilities
Total liabilities and stockholders equity
Total property, plant, and equipment
Total stockholders equity