Business, 15.02.2021 20:00 isbella29

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, 2015:Cash on hand and in the bank $2,150Amounts due from customers from spa treatments 1,780Building and equipment 70,000Amounts owed to beauty supply outlets for spa equipment 4,660Notes payable to a local bank 38,870Cash dividends 2,000Sales revenues 40,000Wages 24,000Supplies used up 7,000Office expenses 5,000Income taxes 1,600Required:1. Based on Nicole's estimates, prepare a forecast Income Statement for Nicole's Getaway Spa for the year ended December 31, 2015.2. Prepare a forecast Statement of Retained Earnings for Nicole's Getaway Spa for the year ended December 31, 2015.3. Prepare a forecast Balance Sheet for Nicole's Getaway Spa at December 31, 2015.4. As of December 31, 2015, would most of the financing for assets come from creditors or stockholders?

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Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS).Nicole expec...

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