Financial Statements

San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder.

During January 20Y6, San Mateo Health Care entered into the following transactions:

Jan. 1		Received $27,000 from Hillard Company as rent for the use of a vacant office in San Mateo Health Cares building. Hillard paid the rent nine months in advance.
1		Paid $6,000 for a one-year general insurance business policy.
6		Purchased supplies of $1,800 on account.
9		Collected $32,000 for services provided to customers on account.
11		Paid creditors $5,000 on account.
18		Invested an additional $10,000 in the business in exchange for common stock.
20		Billed patients $52,000 for services provided on account.
25		Received $15,000 for services provided to customers who paid cash.
30		Paid expenses as follows: wages, $31,000; utilities, $8,500; rent on medical equipment, $5,300; interest, $200; and miscellaneous, $3,000.
30		Paid dividends of $8,000 to stockholder (Dr. Fields).

Adjustment data for San Mateo Health Care Inc. for January are as follows:

1. Insurance expired, $900.
2. Supplies on hand on January 31, $1,200.
3. Depreciation on building, $2,300.
4. Unearned rent revenue earned, $3,000.
5. Wages owed employees but not paid, $2,900.
6. Services provided but not billed to patients, $5,000.

Presented in the integrated financial statement format are after-adjustment balances for January.

Instructions:

Prepare an income statement for January.

San Mateo Health Care Inc.
Income Statement
For the Month Ended January 31, 20Y6
		$
Operating expenses:
	$
Total operating expenses
		$
Other income:
		$

Prepare a statement of stockholders equity for January. For those boxes in which no entry is required, leave the box blank.

San Mateo Health Care Inc.
Statement of Stockholders Equity
For the Month Ended January 31, 20Y6
	Common Stock	Retained Earnings	Total
	$	$	$
	$	$	$

Prepare a classified balance sheet for January. The note payable is due in ten years.

San Mateo Health Care Inc.
Balance Sheet
January 31, 20Y6
Assets
Current assets:
		$
Total current assets			$
Property, plant, and equipment:
	$
		$
Total property, plant, and equipment
Total assets			$
Liabilities
Current liabilities:
		$
Total current liabilities			$
Long-term liabilities:
Total liabilities			$
Stockholders' Equity
		$
Total stockholders' equity
Total liabilities and stockholders' equity			$