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 $$27,000$ of her own savings and receive $2,000$ shares of common stock. Her plan for the first year of operations forecasts the following amounts at December $31,$ the end of the current year: cash in bank, $$3,600$; amounts due from customers for services rendered, $$3,000$; pool supplies inventory, $$5,300$; equipment, $$28,700$; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $$4,200$; note payable to the bank, $$5,700.$ Penny forecasts first$-$year sales of $$64,200,$ wages of $$24,700,$ cost of supplies used $$8,900,$ other administrative expenses of $$5,200,$ and income tax expense of $$4,700.$ She expects to pay herself a $$17,000$ 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?

CON$1-1$ Part $3$

$3.$ Prepare a balance sheet for the current year.

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