Boxed Docs Urgent Care Center opened on Jan 1. The following events took place during the month of January.

Jan 1-2 Dr's invested $50k each in cash for exchange for common stock to get center started.

Jan 2-The clinic borrowed $20k on a 1 year loan from Regions Bank at 5%

Jan 5- The clinic purchased equipment and furniture on credit for $15k with useful life of 5 years and no expected salvage value. Credit terms require equal monthly payments over 3 years. Jan 6- The clinic paid $10k for medical supplies (1,000 units)

Jan 20- clinic bought another $5,000 in med supplies on account (450 units)

Jan 31- clinic billed ins. claims of $25k for patients seen Jan 6.

Jan 31- operating expenses incurred (excluding depreciation, supplies and interest) was $10,000 during the month

7. How much are the total assets for this center?

8. How much cash was provided or used for operating activities?

9. Based on GAAP, the center needs to disclose accounting policies in the first note to the financial statements. Name 1 of these accounting policies that needs to be disclosed