Penny Cassidy is considering forming her own pool service and supply company, Penny's Pool Service \& Supply, Incorporated. She has decided to incorporate the business to limit her legal liability. She expects to invest $40,000 of her own savings and receive 2,000 shares of common stock. Her plan for the first year of operations forecasts the following amounts at December 31 , the end of the current year: cash in bank, $13,900; amounts due from customers for services rendered, \$4,300; pool supplies inventory. $6,600; equipment, $30,000; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $5,500; note payable to the bank, $7,000. Penny forecasts first-year sales of $72,000, wages of $26,000, cost of supplies used $10,200, other administrative expenses of $6,500. and income tax expense of $6,000. She expects to pay herself a $21,000 dividend as the sole stockholder of the company. If Penny's estimates are correct, what would the following first-year financial statements look like for Penny's Pool Service \& Supply, Incorporated? CON1-1 Part 1 Reculred: 1. Prepare a summarized income statement for the current year. Requlred Informatlon CON1-1 (Algo) Financial Statements for a New Business Plan LO1-1 [The following information applies to the questions displayed below.] Penny Cassidy is considering forming her own pool service and supply company. Penny's Pool Service \& Supply, Incorporated. She has decided to incorporate the business to limit her legal liability. She expects to invest $40,000 of her own savings and receive 2,000 shares of common stock. Her plan for the first year of operations forecasts the following amounts at December 31 , the end of the current year: cash in bank, $13.900; amounts due from customers for services rendered, $4,300; pool supplies inventory, $6,600; equipment, $30,000; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $5,500; note payable to the bank, $7,000. Penny forecasts first-year sales of $72,000, wages of $26,000, cost of supplies used $10,200, other administrative expenses of $6,500. and income tax expense of $6,000. She expects to pay herself a $21,000 dividend as the sole stockholder of the company. If Penny's estimates are correct, what would the following first-year financial statements look like for Penny's Pool Service \& Supply, Incorporated? CON1-1 Part 2 2. Prepare a statement of stockholders" equity for the current year. Penny Cassidy is considering forming her own pool service and supply company. Penny's Pool Service \& Supply, Incorporated. She has decided to incorporate the business to limit her legal liability. She expects to invest $40,000 of her own savings and receive 2,000 shares of common stock. Her plan for the first year of operations forecasts the following amounts at December 31 , the end of the current year: cash in bank, $13,900; amounts due from customers for services rendered, $4,300; pool supplies inventory, $6,600; equipment, $30,000; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $5,500; note payable to the bank, $7,000. Penny forecasts first-year sales of $72,000, wages of $26,000, cost of supplies used $10,200, other administrative expenses of $6,500. and income tax expense of $6,000. She expects to pay herself a $21,000 dividend as the sole stockholder of the company. If Penny's estimates are correct, what would the following first-year financial statements look like for Penny's Pool Service \& Supply, Incorporated? CON1-1 Part 3 3. Prepare a balance sheet for the current year
