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Please help. I give thumbs up if correct. Required Information [The following information applies to the questions displayed below.] Penny Cassidy Is considering forming her
Please help. I give thumbs up if correct.
Required Information [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 $29,000 of her own savings and recelve 2,500 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, $3,800; amounts due from customers for services rendered, $3,200; pool supplies Inventory, $5,500; equipment, $28,900; amounts owed to Pool Corporation, Incorporated, a pool supply wholesaler, $4,400; note payable to the bank, $5,900. Penny forecasts first-year sales of $65,400, wages of $24,900, cost of supplies used $9,100, other adminlstratlve expenses of $5,400, and Income tax expense of $4,900. She expects to pay herself a $19,000 dlvidend as the sole stockholder of the company. If Penny's estimates are correct, what would the following first-year financlal statements look IIke for Penny's Pool Service \& Supply, Incorporated? 3. Prepare a balance sheet for the current yearStep by Step Solution
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