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CC$1-1($Algo$)$ Financial Statements for a Business Plan $[$LO $1-2,$ LO $1-3]$

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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 $$11,000$ to the business and receive $1,000$ shares each. Nicole forecasts the following amounts for the first year of operations, ending December $31,2021$: Cash on hand and in the bank, $$2,750$; amounts due from customers from spa treatments, $$1,840$; building and equipment, $$76,000$; amounts owed to beauty supply outlets for spa equipment, $$4,720$; notes payable to a local bank for $$39,470.$ Cash dividends of $$8,000$ will be paid to the stockholders during the year. Nicole also forecasts that first$-$year sales revenues will be $$58,600$; wages will be $$27,000$; the cost of supplies used up will be $$10,000$; office expenses will be $$8,000$; and income taxes will be $$2,200.$