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I cannot get my balance sheet to balance, what am i doing wrong? Required information CC1-1 (Algo) Financial Statements for a Business Plan [LO 1-2,

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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, $4,150; amounts due from customers from spa treatments, $1,980; building and equipment, $74,000; amounts owed to beauty supply outlets for spa equipment, $4,860; notes payable to a local bank for $39,870. Cash dividends of $5,600 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $80,600; wages will be $34,000; the cost of supplies used up will be $17,000; office expenses will be $15,000; and income taxes will be $3,600. Required: 1. Based on Nicole's estimates, prepare a (forecasted) income statement for Nicole's Getaway Spa for the year ended December 31, 2021. 2. Prepare a (forecasted) statement of retained earnings for Nicole's Getaway Spa for the year ended December 31, 2021. 3. Prepare a (forecasted) balance sheet for Nicole's Getaway Spa at December 31, 2021

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