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. Help
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. Help
Chapter1: Financial Statements And Business Decisions
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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, 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.
NICOLE'S GETAWAY SPA
Balance Sheet (forecasted)
At December 31, 2018
Assets
Accounts Payable
Accounts Receivable
Building and Equipment
Building and Equipment
Total Assets
Cash
Income Tax Expense
Common Stock
Total Current Liabilities
Current Assets
Stockholders' Equity
Income Tax Expense
Notes Payable
Office Expenses
Total Liabilities and Stockholders' Equity
$
$
$
10,000
1,780
2,000
2,000
15,780
2,150
4,332
5,000
11,482
Seved
7,000
38,870
45,870
Help
Save & Exit
Check"
Transcribed Image Text:-ded homework
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.
NICOLE'S GETAWAY SPA
Balance Sheet (forecasted)
At December 31, 2018
Assets
Accounts Payable
Accounts Receivable
Building and Equipment
Building and Equipment
Total Assets
Cash
Income Tax Expense
Common Stock
Total Current Liabilities
Current Assets
Stockholders' Equity
Income Tax Expense
Notes Payable
Office Expenses
Total Liabilities and Stockholders' Equity
$
$
$
10,000
1,780
2,000
2,000
15,780
2,150
4,332
5,000
11,482
Seved
7,000
38,870
45,870
Help
Save & Exit
Check
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