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Required information CC1-1 (Algo) Financial Statements for a Business Plan [LO 1-2, LO 1-3] [The following information applies to the questions displayed below] Nicole Mackisey
Required information CC1-1 (Algo) Financial Statements for a Business Plan [LO 1-2, LO 1-3] [The following information applies to the questions displayed below] 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 $10,000 to the business and receive 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, $4,050 : amounts due from customers from spa treatments, $1,970; bulding and equipment, $73,000 : amounts owed to beauty supply outiets for spa equipment, $4,850, notes payable to a local bank for $39770. Cash dividends of $4,600 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $77,000; wages will be $33,500; the cost of supplies used up will be $16,500; office expenses will be $14,500; and income taxes will be $3,500. CC1-1 (Algo) Part 3 3. Prepare a (forecasted) balance sheet for Nicole's Getaway Spa at December 31, 2021
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