The first picture is the given information and questions. The other pictures are my works. But with the question 4 which is attached in last picture - the balance sheet, the total assets are not equal to the liabilities and shareholders equity.

Please help me to take a look on my whole work and check all the numbers as weel as figure it out where I make any mistakes.

Thank you!

Peninsula Tour Company is located in a tourist town on Georgian Bay. The small town is quiet Wages are $2,000 per month for boat operators and $1, 100 per month for souvenir sales during the winter months but comes alive with tourists from May to October. The company is employees, paid during the first week of the month following the month worked. One person is required to staff a single souvenir booth, and one operator is required for each planning for another season of tours to Flowerpot Island, an attractive island because of rock boat. (Note: to avoid requiring on person to work every day, two employees will be formations on its shoreline that resemble flowerpots. Customers pay for a tour to the island hired for each position and they will work alternate days to earn half the monthly where they are left to hike, and as part of the ticket price they are provided with a return ride rate.) later in the day. The tickets are purchased from the boat operator as they board each boat, which There are no capital expenditures planned for 2019. can take a maximum of 12 passengers. Money can only be borrowed or repaid in multiples of $1,000 at the beginning of the For the coming 2019 season, management is considering selling souvenirs. When returning from month, at a cost of 1% interest per month. Interest is paid on the first day of the month the island and leaving the boat, passengers must walk along the dock and exit at a common spot. following the month borrowed. The plan for the new season is to place a booth selling souvenirs of the island (i.e., a paperweight The company will end the year with no inventory (units remaining will be donated to a in the shape of a natural flowerpot) at the end of the dock. Based on a one-month trial run of a local school) given they have the current year (2018) printed on them and will be of no similar idea last year, management estimates 75% of passengers will purchase a souvenir. use the following year (there is no beginning inventory). Income taxes and other incidental charges are to be ignored. follows: Predicted 2019 monthly tour demand (number of passengers) based on prior year experience Required: May June July August September October 1. Prepare a monthly budgeted income statement for the six month period ending October 31, 450 1.250 5.500 5,000 2,200 400 2019. 2. Prepare a materials purchases budget for souvenirs. Note: Sales activity occurs evenly throughout each month - assume 30 day months. 3. Prepare a monthly cash budget for the eight-month period beginning in April through to November (note: the ending monthly cash balance cannot drop below zero resulting in a The company will run advertisements in a local newspaper at a cost of $180 per month (payable periodic need for borrowing). Hint, borrow $7,000 in April to start the month with a $7,000 monthly in advance). The company estimates that these ads would increase demand by about cash balance. 10%. 4. Prepare monthly budgeted balance sheets for April 30, 2019, through October 31, 2019. 5. Budgeting can be used for planning as well as control. In terms of planning, would you Additional financial data for summer 2019 follows: advise management to start selling souvenirs in May? Hint: break-even analysis will assist in answering this question. Tickets for boat tours sell for $25 each. All sales will be in cash. . Sales price for souvenirs will be $1.75 each. All sales will be in cash. Cost of goods sold will be $0.70 per souvenir, payable on account one month after delivery. The supplier requires an advance seasonal estimate, but actual orders can be placed at the beginning of each month for guaranteed same-day delivery; souvenirs are purchased in boxes of 144 units per box. Docking fees (for ticket sales and boat docking space) are $1,600 per month on a minimum six-month contract, payable monthly in advance (only one docking space is required). Boat rental is $2,550/boat per month, paid one month in advance. Boats are rented as needed on one-month contracts, one boat is required for every 12 customers expected each day (assuming 30 day months). Gasoline is purchased and paid each morning; the total used is $850 per boat each month.1. Peninsula Tour Company Sale Budget For the six month periods ending October 31, 2019 Boat Ticket Sales May June July August September October Budgeted Sales In 495 1,375 6,050 5,500 2,420 440 Units (with ads) (450*1.1) Selling Price per Unit $ 25 $ 25 $ 25 $ 25 25 $ 25 Total Budgeted Sales $ 12,375 $ 34,375 $ 151,250 $ 137,500 $ 60,500 $ 11,000 Souvenirs Sales May June July August September October Budgeted Sales In 371 1031 4,538 4,125 1,815 330 Units (495*75%) Selling Price per Unit $ 1.75 1.75 $ 1.75 $ 1.75 $ 1.75 $ 1.75 Total Budgeted Sales $ 649.3 $ 1,804.3 $ 7,941.5 $ 7,218.8 $ 3,176.3 $ 577.5 Total Sale Total 13024.3 36, 179.3 159,164.5 144,718.8 63,676.3 11,577.5 Peninsula Tour Company Cost of Goods Sold For the six month periods ending October 31, 2019 May June July August September October Direct Materials 302.4 705.6 3225.6 2822.4 1310.4 201.6 Total 302.4 705.6 3225.6 2822.4 1310.4 201.6Peninsula Tour Company Selling and Administrative Expense Budget For the six month periods ending October 31, 2019 May June July August September October Boat Needed 2 4 16 14 7 2 Boat Rental ($2,550 5.100 10,200 40,800 35,700 17,850 5,100 per boat) Gasoline ($850 per 1,700 3,400 13,600 11,900 5,950 1,700 boat) Total Variable 6,800 13,600 54,400 47,600 23,800 6,800 Fix Selling & Admin. Expense Docking fees 1,600 1,600 1,600 1,600 1,600 1,600 Wages 3,100 3,100 3,100 3,100 3,100 3,100 Ads 180 180 180 180 180 180 Total Fix 4880 4880 4880 4880 4880 4880 Total 11680 18,480 59,280 52,480 28,680 11,680Peninsula Tour Company Budgeted Income Statement For the six month periods ending October 31, 2019 May June July August September October Sales 13,024.3 36,179.3 159,164.5 144,718.8 63,676.3 11,577.5 Less: COGS (302.4) 705.6) (3225.6) (2822.4) (1310.4) 201.6) Gross Margin 12721.9 35473.7 155938.9 141896.4 62365.9 11375.9 Less Selling & Admin (11680) (18,480) (59,280) (52,480) (28,680) (11,680) Expense Operating income 1041.9 16993.7 96658.9 894 16.4 33685.9 (304.1) Less: Interest (1%) (70) Income before tax 971.9 16993.7 96658.9 894 16.4 33685.9 (304.1) Less income tax Net income 971.9 16993.7 96658.9 89416.4 33685.9 (304.1)Peninsula Tour Company Materials Purchases Budget For the six month periods ending October 31. 2819 Units to he produced 3T1 1831 4,538 4,125 1,815 Prod ucon Needs 3T1 1831 4,538 4,125 1 ,815 Total Needs 8T1 1831 4,538 4,125 1 ,815 Less beginning Inverory um {38] {T2} Actual purchase [14-4 482 1888 4888 4832 18T2 288 units per box] Total 382.4 T858 3225 .8 2822.4 1318.4 281.8 Direct Materials to he SH 8?8 4588 481 T 1888 258 purchased 3. Peninsula Tour Company cash Budget For the six month periods ending October 31, 2019 April May June July August September October November Beginning Cash $7,000 1274.3 18671.2 117850.1 206863.3 239037.2 237624.3 Balance Cash Sales 13024.3 36,179.3 159, 164.5 144,718.8 63,676.3 11,577.5 Total Cash Available 20,024.3 37453.6 177835.7 262568.9 270539.6 250614.7 237624.3 Less Payment for: COGS (302.4) (705.6) (3225.6) (2822.4) (1310.4) (201.6 Selling & Admin. (1 1680) (18,480) (59,280) (52,480) (28,680) (11,680) Total payments (1 1680) (18782.4) (59985.6) (55705.6) (31502.4) (12990.4) 201.6 Excess (deficiency) 8344.3 18671.2 117850.1 206863.3 239037.2 237624.3 237422.7 of cash Financing: Borrowings $7,000 Repayment (7,000 Interest (1%) 70 Total $7,000 (7070) Ending Cash Balance $7,000 1274.3 18671.2 117850.1 206863.3 239037.2 237624.3 237422.7Pennisula Tour Company Budgeted Balance Sheet October 31, 2019 April May June July August September October Assets Current Assets Cash $ 7,000 $ 1274.3 $ 18671.2 $117850.1 $ 206863.3 $ 239037.2 $ 237624.3 Accounts Receivable Raw materials inventory Finished goods inventory Total current $ 7000 $ 1274.3 $ 18671.2 $117850.1 $ 206863.3 $ 239037.2 2 $ 237624.3 assets Property, plant, and equipment Land Building & equipment Accumulated depreciation Total PPE Total assets $ 7000 $ 1274.3 $ 18671.2 $117850.1 $ 206863.3 $ 239037.2 $ 237624.3 (+971.9 (17965.6 diff) diff) Liabilities and Shareholders Equity Current liabilities Accounts payable $ 7000 $ 302.4 $ 705.6 $ 3225.6 $ 2822.4 $ 1310.4 $ 201.6 Shareholders equity: Retained earnings 971.9 16993.7 96658.9 $ 89416.4 $ 33685.9 $ (304.1) Total Liabilities & 7000 1274.3 17699.3 99884.5 92238.8 34996.3 (1722.5) Shareholders equity