Hi, Experts ,

Please help me with this I'm not sure if I had the right answers, thank you

Part 1

Jans Floral Boutique is a small flower shop that sells a variety of fresh flowers, potted plants and related gift items. The balance sheet at the end of March 2023 is shown below. Transactions for the month of April 2023 are also given (ignore taxes).

Jans Floral Boutique Balance Sheet as at 31 March 2023

(i) 1 April, Jan invests an additional $5,000

(ii) 2 April, the business makes a $2,000 payment towards the bank loan principal.

(iii) 5 April, Jans Floral Boutique purchases a delivery van for $15,000 cash.

(iv) 7 April, the business pays $1,500 in rent for the month of April.

(v) 10 April, Jans Floral Boutique purchases $2,000 worth of inventory from a wholesaler on credit, with payment due in 30 days.

(vi) 10 April, the business sells $3,500 worth of flowers and gift items, with $1,500 being sold on credit and $2,000 in cash sales. The cost of goods sold for these items is $1,600.

(vii) 14 April, the business hires a part-time employee and pays a salary of $1,000 for the first two weeks of work.

(viii) 19 April, Jans Floral Boutique receives a $500 deposit for a large custom flower arrangement to be delivered in May.

(ix) 20 April, the business pays $2,500 towards the outstanding accounts payable.

(x) 30 April, sales for the rest of the month was $30,000 cash ($14,000 cost).

(xi) 30 April, estimated April depreciation expense of $700 for equipment and $300 for vehicles.

Part 2

LOTUS is a company that specializes in providing guided eco-tours. The company's balance sheet date is 30th April. LOTUS requires customers to pay 40% of the total tour price at the time of booking, with the remaining balance to be paid 7 days before the tour date.

On 1st January 2023, a group of customers booked and paid the deposit for a flowers-watching tour valued at $12,000 for 4th May 2023. The remaining balance was paid by the customers on 27th April 2023.

a) What are the implications for the Balance Sheet, Income Statement, and Cash Flow Statement when LOTUS receives the tour booking and the deposit on 1st January 2023, and why?

b) How do the Balance Sheet, Income Statement, and Cash Flow Statement change when LOTUS receives the remaining balance from the customers on 27th April 2023?

c) What are the overall effects of the tour booking in the Balance Sheet on 30th April 2023, and what are the implications for the Income Statement and Cash Flow Statement for the month of April 2023?

d) How do the financial statements (Balance Sheet, Income Statement, and Cash Flow Statement) change when LOTUS incurs expenses such as employee salaries, fuel, and maintenance for the whale-watching tour on 4th May 2023? Assume these expenses were not paid by the balance sheet date.

e) Suppose LOTUS decides to purchase a new boat for $60,000 on 15 February 2023 and pays $20,000 upfront, financing the remaining $40,000 with a 5-year loan. How does this transaction and any relevant subsequent events affect the Balance Sheet, Income Statement, and Cash Flow Statement?

Notes: There is no need to define any assets, liabilities, income or expenses. A transaction has no effect on a particular statement, clearly write No effect instead of leaving it blank.

(a) Tour Booking on 1st January 2023 \begin{tabular}{|l|l|} \hline Balance sheet & \\ \hline Income statement & \\ \hline Cash flow statement & \\ \hline \end{tabular} b) Remaining Balance on 27th April 2023 Balance sheet Income statement Cash flow statement (c) Impact of changes on 30th April 2023 and the month of April 2023 Balance sheet Income statement Cash flow statement d) Impact of various expenses \begin{tabular}{|l|l|} \hline Align to Left & \\ \hline Balance sheet & \\ \hline Income statement & \\ \hline Cash flow statement & \\ \hline \end{tabular} e) Purchase of a new boat Balance sheet Income statement Cash flow statement