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Required intormation CC1-1(Algo) Financial Statements for a Business Plan [LO 1-2, LO 1-3]...

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Accounting

Required intormation
CC1-1(Algo) Financial Statements for a Business Plan [LO 1-2, LO 1-3]
[The following information applies to the questions displayed below.]
Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $10,000 to the business and receive 1,000 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31,2021: Cash on hand and in the bank, $2,650; amounts due from customers from spa treatments, $1,830; building and equipment, $75,000; amounts owed to beauty supply outlets for spa equipment, $4,710; notes payable to a local bank for $39,370. Cash dividends of $7,000 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $58,000; wages will be $26,500; the cost of supplies used up will be $9,500; office expenses will be $7,500; and income taxes will
CC1-1(Algo) Part 3
3. Prepare a (forecasted) balance sheet for Nicole's Getaway Spa at December 31,2021.
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