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LO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 2016, San Mateo Health Care entered into the following
LO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 2016, San Mateo Health Care entered into the following transactions: Jan. 1 Received $13,500 from Glenn Company as rent for the use of a vacant office in SLO He months in advance. 1 Paid $3,000 for a one-year general insurance business policy. 6 Purchased supplies of $900 on account. 9 Collected $16,000 for services provided to customers on account. 11 Paid creditors $2,500 on account. 18 Invested an additional $5,000 in the business in exchange for common stock. Billed patients $26,000 for services provided on account. 25 Received $7,500 for services provided to customers who paid cash. 20 30 Paid expenses as follows: wages, $15,500 utilities, $4,250 rent on medical equipment, $2, $1,500. 30 Paid dividends of $4,000 to stockholder (Dr. Denby). Adjustment data for SLO Health Care Inc. for January are as follows: 1. Insurance eynired $450 30 Paid dividends of $4,000 to stockholder (Dr. Denby). Adjustment data for SLO Health Care Inc. for January are as follows: 1. Insurance expired, $450. 2. Supplies on hand on January 31, $600. 3. Depreciation on building, $1,150. 4. Unearned rent revenue earned, $1,500. 5. Wages owed employees but not paid, $1,450. 6. Services provided but not billed to patients, $2,500. Presented in the integrated financial statement format are after-adjustment balances for January Instructions: Prepare an income statement for January. SLO HEALTH CARE INC. Income Statement For the Month Ended January 31, 2016 Fees earned Operating expenses: Check My Work LO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 2016, San Mateo Health Care entered into the following transactions: Jan. 1 Received $13,500 from Glenn Company as rent for the use of a vacant office in SLO He months in advance. 1 Paid $3,000 for a one-year general insurance business policy. 6 Purchased supplies of $900 on account. 9 Collected $16,000 for services provided to customers on account. 11 Paid creditors $2,500 on account. 18 Invested an additional $5,000 in the business in exchange for common stock. Billed patients $26,000 for services provided on account. 25 Received $7,500 for services provided to customers who paid cash. 20 30 Paid expenses as follows: wages, $15,500 utilities, $4,250 rent on medical equipment, $2, $1,500. 30 Paid dividends of $4,000 to stockholder (Dr. Denby). Adjustment data for SLO Health Care Inc. for January are as follows: 1. Insurance eynired $450 30 Paid dividends of $4,000 to stockholder (Dr. Denby). Adjustment data for SLO Health Care Inc. for January are as follows: 1. Insurance expired, $450. 2. Supplies on hand on January 31, $600. 3. Depreciation on building, $1,150. 4. Unearned rent revenue earned, $1,500. 5. Wages owed employees but not paid, $1,450. 6. Services provided but not billed to patients, $2,500. Presented in the integrated financial statement format are after-adjustment balances for January Instructions: Prepare an income statement for January. SLO HEALTH CARE INC. Income Statement For the Month Ended January 31, 2016 Fees earned Operating expenses: Check My Work
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