Question

The following information applies to the questions displayed below) 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 1000 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31, 2018: Cash on hand and in the bank, $3 250, amounts due from customers from spa treatments, $1,890, building and equipment, $72,000, amounts owed to beauty supply outlets forsoa equipment, $4.770 notes payable to a local bank for $39,970 Cash dividends of $6,500 will be paid to the stockholders during the year. Nicole also forecasts that first-year sales revenues will be $64 100 wages webe $29.500, the cost of supplies used up will be $12.500, office expenses will be $10,500, and income taxes will be $2.700 CC1-1 Part 3 3. Prepare a forecasted) balance sheet for Nicole's Getaway Spa at December 31, 2018 NICOLES GETAWAY SPA At December 31, 2018 Accounts Recebe Usabilities Nobos Payable LA To Ourent Equy Common Stock Retained Engs OLIO 6 Next > asi potx " here to search

Answer 1

Nicole Gateway Spa Income Statement (Forecasted) Nicole Gateway Spa Step 1 Ans 3 Balance Sheet (Forecasted) For the year ended 31st December 2018 December 31, 2018 Particulars Amount Assets $64,100 $3,250 $1,890 $72,000 Sales Cash Less: Expense Accounts Receivable $29,500 $12,500 $10,500 $2,700 Building & Equipment Wages Expense $77,140 Supplies Expense Total Assets Office Expense Liabilities Accounts Payable Notes Payable Total Current Liabilities $4,770 $39,970 $44,740 Income Tax Expense Total Expense $55,200 $8,900 Net Income Shareholders' Equity $30,000 $2,400 Nicole Gateway Spa Common Stock Step 2 Retained Earnings Total Shareholders' Equity Statement of Retained Earnings For the year ended 31st December 2018 $32,400 $77,140 Total Liabilities and Shareholder's Equity Particulars Amount Retained Earnings at 1st January 2018 $0 $8,900 ($6,500) Net Income for the year ended 31st December 2018 Ans 4 Creditors to supplies most of the financing for NSG assets at December 31, 2018 Dividend paid shareholders Retained Earnings at 31st December 2018 $2,400

FITBIT INC Income Statement For the nine month ended October 1, 2016 (in Thousands) Particulars Amount Revenue Sale Revenue Total Revenue $5,17,120 $5,17,120 Expenses $2,64,300 $3,800 $1,15,100 $81,000 Operating Expense Interest Expense Office Expense Asvertising Expense $19,500 $4,83,700 Income Tax Expense Total Expense Net Income $33,420