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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 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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