ded homework Help Save & E Chech 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, 2018: Cash on hand and in the bank, $2,150; amounts due from customers from spa treatments, $1,780, building and equipment, $70,000; amounts owed to beauty supply outlets for spa equipment, $4,660; notes payable to a local bank for $38,870. Cash dividends of $2,000 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $40,000, wages will be $24,000; the cost of supplies used up will be $7,000, office expenses will be $5,000; and income taxes will be $1,600 3. Prepare a (forecasted) balance sheet for Nicole's Getaway Spa at December 31, 2018 $ 10,000 1,780 2.000 2,000 15.780 $ NICOLE'S GETAWAY SPA Balance Sheet (forecasted) At December 31, 2018 Assets Accounts Payable Accounts Receivable Building and Equipment Building and Equipment Total Assets Current Assets Cash Income Tax Expense Common Stock Total Current Liabilities Stockholders' Equity Income Tax Expense Notes Payable Office Expenses Total Liabilities and Stockholders' Equity $ 2,150 4,332 5,000 11.482 7,000 38,870 45,870 's Getaway Spa at December 31, 2018 3 of 4 NICOLE'S GETAWAY SPA Balance Sheet (forecasted) At December 31, 2018 Assets Accounts Payable Accounts Receivable Building and Equipment Building and Equipment Total Assets $ Jook 10,000 1,780 2,000 2,000 15,780 rint Current Assets Tences 2,150 4,332 5,000 11,482 Cash Income Tax Expense Common Stock Total Current Liabilities Stockholders' Equity Income Tax Expense Notes Payable Office Expenses Total Liabilities and Stockholders' Equity Total Stockholders' Equity 7.000 38,870 45,870 57,352