SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder.

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

January 1	Received $13,500 from Glenn Company as rent for the use of a vacant office in SLO Health Care's building. Glenn paid the rent nine months in advance.
January 1	Paid $3,000 for a one-year general insurance business policy.
January 6	Purchased supplies of $900 on account.
January 9	Collected $16,000 for services provided to customers on account.
January 11	Paid creditors $2,500 on account.
January 18	Invested an additional $5,000 in the business in exchange for common stock.
January 20	Billed patients $26,000 for services provided on account.
January 25	Received $7,500 for services provided to customers who paid cash.
January30	Paid expenses as follows: wages, $15,500 utilities, $4,250 rent on medical equipment, $2,650 interest, $100 and miscellaneous, $1,500.
January30	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.

INCOME STATEMENT

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Operating Income or Operating Loss? $_______

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Net Income or Net Loss? $_______