prepare balance sheet for the current year

to meducation.com ACCT-230-207 Question 3 - Ch. 1 Our Connect Saved Help Save & Exit Submit 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, Inc. (PPSS). She has decided to incorporate the business to limit her legaliabilityShe expects to invest $20,000 of her own savings and receive 1.000 shares of common stock. Her plan for the first year of operations forecasts the following amounts at the end of the year December 31, current year: Cosh in bank. $2.900; amounts due from customers for services rendered, $2,300, pool supplies inventory, $4,600, equipment, $28,000; amounts owed to Pool Corporation, Inc. a pool supply wholesaler. $3.500, note payable to the bank, $5,000. Penny forecasts first year sales of $60,000, wages of $24.000, cost of supplies used $8,200, other administrative expenses $4,500, and income tax expense of $4,000. She expects to pay herself a $10,000 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 PENNY'S POOL SERVICE & SUPPLY Balance Sheet Assets: Cash $ $ Accounts receivable Inventories 2,900 2,300 4,600 28,000 Equipment $ 37,800 Total assets Liabilities: Accounts payable Notes payable to banks $ 3,500 5,000 8,500 Total liabilities Stockholders' Equity: > M 0 Total stockholders' equity Total liabilities and stockholders' equity $ $ 8,500