Required information CC1-1 (Algo) Financial Statements for a Business Plan [LO 1-2, LO 1-3] (The...
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Required information CC1-1 (Algo) Financial Statements for a Business Plan [LO 1-2, LO 1-3] (The following information applies to the questions displayed betow] Nicole Mackisey is thinking of forming her own spo business. Nicole's Getaway Spa (NGS) Nicole expects that she and two famlly members will each contribute $10,000 to the business and receive 1,000 shares each. Nicole foreciasts the following amounts for the first year of operations, ending December 31, 202t Cash on hand and in the bank, $2.250 : amounts due from customers from spa treatments, $1,790, building and equipment, $71,000; amounts owed to beauty supply outlets for spa equipment, $4,670. notes payable to a jocal bank for $38,970. Cash dividerds of $3,000 wit be paid to the stockholders duaing the yeac. Nicole also forecasts that first year sales roventues wil be $43,600; wages win be $24,500, the cost of supplies used up will be $7,500, office expenses will be $5,500 and income taxes wil. be $1,700. 3. Prepare a (forecasted) balance sheet for Nicole's Getaway Spa at December 31, 2021
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