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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 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, $2,250; amounts due from customers from spa treatments, $1,790; bullding and equipment, $71,000; amounts owed to beauty supply outlets for spa equipment, $4,670; notes payable to a local bank for $38,970. Cash dividends of $3,000 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $43,600; wages will be $24,500; the cost of supplies used up will be $7,500; office expenses will be $5,500; and income taxes will be $1,700. 3. Prepare a (forecasted) balance sheet for Nicole's Getaway Spa at December 31, 2021

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