Dr. McMuffin has a medical clinic formed as a corporation that provides specialty care services to patients. The balances in the accounts as of January 1, 2021 are as follows

:

Cash	70,000	Notes Payable	86,000
Accounts Receivable	47,000	Contributed Capital	125,000
Office Supplies	28,000	Retained Earnings	106,000
Building	95,000	Patient Service Revenue	0
Land	60,000	Income Tax Expense	0
Office Fixtures and Equipment	22,000	Compensation Expense	0
Medical Instruments	20,000	Insurance Expense	0
Accounts Payable	25,000	Utilities Expense	0

Below are the business transactions for January for Dr. McMuffins clinic:

JANUARY

1 Purchased land for 20,000 in cash.

2 Received $70,000 of cash from an investor in exchange for shares of stock in the clinic.

5 Billed clients $80,000 for services rendered. Of this amount, ($65,000 was received in cash, and the remaining balance was billed on account (due in 30 days).

6 Purchased Office Fixtures and Equipment for $35,000. The clinic paid $25,000 in cash and financed the remaining balance with debt by signing a note promising to pay in three years. Ignore interest.

8 Received $20,000 from customers on previously billed medical services.

10 Purchased medical instruments on account expected to last a few months for $4,000.

14 Purchased office supplies for $20,000 on account.

20 Received a $10,000 invoice for insurance coverage in January. The entire amount is due to be paid on February 26. You can consider this an Account Payable.

26 Paid $300 in income taxes for taxes incurred during January.

27 Paid suppliers $10,000 included in accounts payable.

28 Paid employees $15,000 in salaries for work done during the month of January.

31 Paid Light Co. $2,500 for utilities used in the clinic during the month of January

Copying the appropriate amounts from the trial balance, prepare a balance sheet as of January 31, 2021 (see page 69 of the textbook). Use the Sum function in Excel for your totals and a formula to calculate ending retained earnings. Remember: Ending Retained Earnings = Beginning Retained Earnings + Net Income Dividends. McMuffin did not have any dividend activity during the month of January.