Accounting for the Establishment of a Business

! Required information CC2-1 (Algo) Accounting for the Establishment of a Business [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. a. Received $93,000 cash when issuing 9,300 new common shares. b. Purchased land by paying $6,000 cash and signing a note payable for $10,000 due in three years. c. Hired a new aesthetician for a salary of $2,300 a month, starting next month. d. NGS purchased a company car for $31,000 cash (list price of $34,000) to assist in running errands for the business. e. Bought and received $800 in supplies for the spa on credit. f. Paid $200 of the amount owed in (e). g. Nicole sold 100 of her own personal shares to Raea Gooding for $800. NICOLE'S GETAWAY SPA Balance Sheet At April 30 Assets Current Assets Cash Total Current Assets 0 Land Equipment Total Assets $ 0 Liabilities Current Liabilities Accounts Payable Total Current Liabilities 0 Notes Payable (long-term) Total Liabilities 0 Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 0