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, $3,650; amounts due from customers from spa treatments, $1,930; building and equipment, $76,000; amounts owed to beauty supply outlets for spa equipment, $4,810; notes payable to a local bank for $40,370. Cash dividends of $5,500 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $73,500; wages will be $31,500; the cost of supplies used up will be $14,500; office expenses will be $12,500; and income taxes will be $3,100.

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, $3.650; amounts due from customers from spa treatments, $1,930; building and equipment, $76,000; amounts owed to beauty supply outlets for spa equipment, $4,810; notes payable to a local bank for $40,370. Cash dividends of $5,500 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $73,500; wages will be $31,500; the cost of supplies used up will be $14,500; office expenses will be $12,500; and income taxes will be $3,100. lequired: 1. Based on Nicole's estimates, prepare a (forecasted) income statement for Nicole's Getaway Spa for the year ended December 31 , 2021