Does in a Box, Inc., an almost$-$full service urgent care center, began business on December $1.$ The following data summarize the events that took place during the first month of operations:

$1.$ Two semiretired physicians contributed a total of $$65,000$ in cash to help the organization get started. They each planned to work for the center $20$ hours per weel.

$2.$ One of the physicians took out a $$30,000$ mortgage on her home to replace her investment in the center.

$3.$ The center borrowed $$15,000$ on a one$-$year note, at an interest rate of $10\%$

$4.$ Equipment and furniture, with an estimated useful life of $12$ years and no salvage value, were acquired and installed at a cost of $$36,000,$ paid in cash.

$5.$ $$25,000$ of medical supplies were acquired on account.

$6.$ The center signed a rental agreement for $$72,000$ for the first year of operations, and made

its first monthly rental payment, in cash, of $$6\mathrm{.}000.$

$7.$ Revenue for the month was $40,000.$ Of this, $$8,000$ was on account and the rest in cash.

$8.$ Semimonthly wages of $$4,000$ were carmed and paid in cash.

$9.$ At mid$-$month, a new part$-$time employce was hired at an annual salary of $$12,000.$

$10.$ $$3,000$ was received from patients in payment on their accounts.

$11.$ The center paid $21,000$ to its suppliers for medical supplies previously acquired.

$12.$ The medical supply inventory at the end of the month was $$15,000.$

$13.$ Semimonthly wages of $$4,500$ were earned as of December $31,$ but the next payday wasn't on princip was repaid. No interest payments were made.

Assignment

Prepare an income statement for December, and a balance sheet as of December $31,$ With Journal $,$ledger $,$ trial balance in detail