Required intormation

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 $$10,000$ to the business and receive $1,000$ shares each. Nicole forecasts the following amounts for the first year of operations, ending December $31,2021$: Cash on hand and in the bank, $$2,650$; amounts due from customers from spa treatments, $$1,830$; building and equipment, $$75,000$; amounts owed to beauty supply outlets for spa equipment, $$4,710$; notes payable to a local bank for $$39,370.$ Cash dividends of $$7,000$ will be paid to the stockholders during the year. Nicole also forecasts that first$-$year sales revenues will be $$58,000$; wages will be $$26,500$; the cost of supplies used up will be $$9,500$; office expenses will be $$7,500$; and income taxes will

CC$1-1($Algo$)$ Part $3$

$3.$ Prepare a $($forecasted$)$ balance sheet for Nicole's Getaway Spa at December $31,2021.$