1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers iIn the tabs below.
1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers iIn the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
Finimbed gooda inventory, beginning
Work in process inventory, beginning
Rav materiala inventory, beginning
Rental cost on factory equipment
Direct labor
Finished qooda inventory, ending
Work in proceas inventory, ending
Rav naterials inventory, ending
Pactory utilities
General and adminintrative expenses
Carcon
Company
$12,000
14,500
7,250
27,000
19,000
17,650
22,000
5,300
9,000
21,000
9,450
Pepper
Company
$16,450
19,950
9,000
22,750
35,000
13,300
16,000
7,200
12,000
43,000
10,860
1,500
52,00০
46,000
290,010
15,700
19,450
Indirect labor
Repairs-Pactory equipment
Rav materials purchases
Selling expensen
4,780
33,000
50,000
195,030
20,000
Sales
Cash
Accounts receivable, net
13,200
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Complete this question by entering your answers in the tabs below.
Reg 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper
Prepare the income statement for Garcon Company.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbe83a4e9-c190-4926-be99-4626872eb4db%2F1ec1729d-a3ee-4127-970a-526dcafd5242%2Fr7xeenk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
(The following information applies to the questions displayed below.]
The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
Finimbed gooda inventory, beginning
Work in process inventory, beginning
Rav materiala inventory, beginning
Rental cost on factory equipment
Direct labor
Finished qooda inventory, ending
Work in proceas inventory, ending
Rav naterials inventory, ending
Pactory utilities
General and adminintrative expenses
Carcon
Company
$12,000
14,500
7,250
27,000
19,000
17,650
22,000
5,300
9,000
21,000
9,450
Pepper
Company
$16,450
19,950
9,000
22,750
35,000
13,300
16,000
7,200
12,000
43,000
10,860
1,500
52,00০
46,000
290,010
15,700
19,450
Indirect labor
Repairs-Pactory equipment
Rav materials purchases
Selling expensen
4,780
33,000
50,000
195,030
20,000
Sales
Cash
Accounts receivable, net
13,200
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Complete this question by entering your answers in the tabs below.
Reg 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper
Prepare the income statement for Garcon Company.
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