Required information

CON$1-1($Algo$)$ Financial Statements for a New Business Plan LO$1-1$

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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 $$23,000$ 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, $$3,200$; amounts due from customers for services

rendered, $$2,600$; pool supplies inventory, $$4,900$; equipment, $$28,300$; amounts owed to Pool Corporation,

Incorporated, a pool supply wholesaler, $$3,800$; note payable to the bank, $$5,300.$ Penny forecasts first$-$year sales of

$$61,800,$ wages of $$24,300,$ cost of supplies used $$8,500,$ other administrative expenses of $$4,800,$ and income tax

expense of $$4,300.$ She expects to pay herself a $$13,000$ 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 $2$

Prepare a statement of stockholders' equity for the current year. I also need help with preparing a balance sheet.