On October 31, Iowa Hospital had $710,000 of assets, $230,000 of liabilities, and $480,000 of net assets. Transactions completed during the month of November were as follows:

1. Supplies purchased on account totaled $29,000. 2. Supplies that had cost $26,000 were issued from inventory and used in patient care. Patients were billed $31,000. 3. Employees were paid $84,000 of salaries and wages. 4. Patients were billed for November services as follows:

Daily patient services $51,500

Other professional services 37,500

Total $89,000

5.Other operating revenues received in cash amounted to $2,800.

6.Purchase of new equipment on account was for $12,000.

7.Payments on accounts payable amounted to $24,700.

8. Collections on accounts receivable totaled $102,600.

9. Miscellaneous other expenses paid in cash came to $14,300.

Required: (1) Prepare a debit and credit analysis of the above information in T-account form, including a closing entry at November 30. (2) Prepare an income statement for November that is as detailed as possible.