i need help with this question

Question: 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, 2020: cash on hand and in the bank, $2,150; amounts due from customers from spa treatments, $1,780; building and equipment, $70,000; amounts owed to beauty supply outlets for spa equipment, $4,660; notes payable to a local bank, $38,870. Cash dividends of $2,000 will be paid to the shareholders during the year. Nicole also forecasts that first-year sales revenues will be $40,000, wages will be $24,000, the cost of supplies used up will be $7,000, selling and administrative expenses will be $5,000, and income taxes will be $1,600. Nicole did not study accounting and thus does not understand the importance of maintaining proper accounting records. (a) Advise Nicole on the importance of accounting and on the concept of double entry. I (b) Based on Nicole's estimates, prepare a (forecasted) income statement for Nicole's Getaway Spa for the year ended December 31, 2020. (c) Prepare a (forecasted) statement of retained earnings for Nicole's Getaway Spa for the year ended December 31, 2020. (d) Prepare a (forecasted) balance sheet for Nicole's Getaway Spa at December 31, 2020