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 busines

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, $2,550; amounts due from customers from spa treatments, $1,820; building and equipment, $74,000; amounts owed to beauty supply outlets for spa equipment, $4,700; notes payable to a local bank for $39,270. Cash dividends of $6,000 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $51,400; wages will be $26,000; the cost of supplies used up will be $9,000; office expenses will be $7,000; and income taxes will be $2,000.

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