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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

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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 $11,000 to the business and recelve 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,C50; amounts due from customers from spa treatments, $1,870; buliding and equipment, $79,000; amounts owed to btauty supply outlets for spa equipment, $4,750; notes payable to a local bank for $39,770. Cash dividends of $4,000 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $62,400; wages will be $28,500; the cost of supplies used up will be $11,500; office expenses will be $9,500; and income taxes will be $2,500. Requlred: 1. Based on Nicole's estimates, prepare a fforecasted) income statement for Nicole's Getaway Spa for the year ended December 31. 2021

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