Question 3- Part 2 Beginning finished goods inventory $12,000 $16,450 Beginning work in process inventory 14,500 19,950 Beginning raw materials inventory 7,250 9,000 Rental cost on factory equipment 27,000 22,750 Direct labor 19,000 35,000 Ending finished goods inventory 17,650 13,300 Ending work in process inventory 22,000 16,000 Ending raw materials inventory 5,300 7,200 Factory utilities 9,000 12,000 Factory supplies used 8,200 3,200 General and administrative expenses 21,000 43,000 Indirect labor 1,250 7,660 Repairs—Factory equipment 4,780 1,500 Raw materials purchases 33,000 52,000 Selling expenses 50,000 46,000 Sales 195,030 290,010 Cash 20,000 15,700 Factory equipment, net 212,500 115,825 Accounts receivable, net 13,200 19,450 ### Current Asset Section of Balance Sheet for Educational Purpose**Complete this question by entering your answers in the tabs below.** The screen shows a requirement to complete a portion of a balance sheet for Pepper Company, specifically focusing on current assets.There are several tabs at the top labeled:- Req 1A Garcon- Req 1A Pepper- Req 1B Garcon- Req 1B PepperThe active tab is "Req 1B Pepper."**Instruction:**Prepare the current asset section of the balance sheet for Pepper Company.**Balance Sheet Format:**#### PEPPER COMPANY##### Partial Balance Sheet**As of December 31, 2017**| **Assets** | **Amount** ||-------------|--------------------|| | || | || Inventories:| || | || | || | || | || | || | || **Total current assets** | **$0** |There are data entry rows where amounts related to current assets and inventories are expected to be filled. Below the entry rows, a total figure for "Total current assets" is given as $0, indicating the necessity to input appropriate figures to sum up to the correct total.**Explanation:**To accurately complete the current asset section, input the values under the appropriate lines for different types of inventories and other current assets, ensuring the totals are calculated correctly. The rows are intended to capture various inventory classifications, so break them down accordingly if specific data are provided.This instruction would be accompanied by relevant details from course materials, guiding students on how to allocate and summarize current assets properly. Students are encouraged to cross-reference their entries with typical balance sheet structures and ensure all applicable current assets are included for comprehensive and accurate financial representation. ### Garcon Company: Current Asset Section Preparation Exercise**Instructions:**Complete this question by entering your answers in the tabs below. Utilize the provided information to prepare the current asset section of the balance sheet for Garcon Company.**Balance Sheet Preparation:****GARCON COMPANY** _Partial Balance Sheet_ _As of December 31, 2017_**Current Assets:**- Inventories:| Account | Amount ||---------------|--------|| | || | || | || | || | || | 0 |- **Total current assets**: .................................................... $0**Graph/Diagram Explanation:**The image is a partially filled-out balance sheet for Garcon Company. It includes specific sections for current assets and inventories which consists of multiple blank fields where specific inventory amounts should be entered. The total current assets are to be summed up at the bottom of the section.**Tabs for Input:**- Req 1A Garcon- Req 1A Pepper- Req 1B Garcon- Req 1B PepperThese tabs likely correspond to different sections or requirements to complete the balance sheet entries for different inventory categories or subsidiaries (Garcon and Pepper). Fill in the required values to determine and finalize the total current assets for the balance sheet.

PEPPER COMPANY Balance sheet As of Dec 31 , 2017 Cash 15700 Accounts receivables 19450…

Answered: Beginning finished goods inventory $…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Beginning finished goods inventory	$	12,000	$	16,450
Beginning work in process inventory		14,500		19,950
Beginning raw materials inventory		7,250		9,000
Rental cost on factory equipment		27,000		22,750
Direct labor		19,000		35,000
Ending finished goods inventory		17,650		13,300
Ending work in process inventory		22,000		16,000
Ending raw materials inventory		5,300		7,200
Factory utilities		9,000		12,000
Factory supplies used		8,200		3,200
General and administrative expenses		21,000		43,000
Indirect labor		1,250		7,660
Repairs—Factory equipment		4,780		1,500
Raw materials purchases		33,000		52,000
Selling expenses		50,000		46,000
Sales		195,030		290,010
Cash		20,000		15,700
Factory equipment, net		212,500		115,825
Accounts receivable, net		13,200		19,450