uai LUITrcppciCompany$ 14,40018,9007,40030, 50021,80021, 20024,400Beginning finished goods inventoryBeginning work in process înventoryBeginning raw materials inventory (direct materials)Rental cost on factory equipmentDirect laborEnding finished goods inventoryEnding work in process inventoryEnding raw materials inventoryFactory utilitiesFactory supplies used (indirect materials)General and administrative expensesCompany$ 17,50023,55014,40025,75043,40016, 20022, 0007,40012,7503,50047, 0008,9203,65054,50059, 200290,01017, 200124, 82519,7006, 00012,7508, 20032,0002,4507,46037,00052,800229, 53023,еее267, 50016, 200Indirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashFactory equipment, netAccounts receivable, netRequlred: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.Req 1 Garcon Req 1 Pepper Req 2 Garyon Req 2 PepperPrepare the current asset section of the Reg 2 Garcon rcon Company.GARCON COMPANYPartial Balance SheetAs of December 31, 2019Inventories:Total current assets< Req 1 PepperReq 2 Pepper >( Prey uai LUITreppciCompany$ 14,40018,9007,40030, 50021,80021, 20024,4006, e0012,7508, 20032,0002,450Company$ 17,50023,55014,40025,75043,40016, 20022,0007,40012,7503,500Beginning finished goods inventoryBeginning work in process inventoryBeginning raw materials inventory (direct materials)Rental cost on factory equipmentDirect laborEnding finished goods inventoryEnding work in process inventoryEnding raw materials inventoryFactory utilitiesFactory supplies used (indirect materials)General and administrative expensesIndirect labor47, 0008,9203,65054,50059, 200290, 01017, 200124,82519,700Repairs-Factory equipmentRaw materials purchasesselling expensessales7,46037,00052,800229,53023,000267,50016,200CashFactory equipment, netAccounts receivable, netRequlred: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 Req 2 Garcon Req 2 PepperPrepare the income statement for Garcon Company.GARCON COMPANYIncome StatementFor Year Ended December 31, 2019Operating expensesIncome (loss) before taxReq 1 Pepper >< Prevof 5

In this question, data of two companies are given one is garcon company and the other one is pepper…

Company $ 14,400 18,900 7,400 30, 500 21, 800 21, 200 24,400 6,000 12,750 8, 200 32, ее 2,450 7,460 37, e00 52,800 229,530 23, e00 267, 500 16, 200 Company $ 17,500 23,550 14,400 25,750 43,400 16, 200 22, 000 7,400 12,750 3,500 47, 000 8,920 3,650 54,500 59, 200 290,010 17, 200 124, 825 19,700 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases selling expenses Sales Cash Factory equipment, net ACcounts receivable, net

Company $ 14,400 18,900 7,400 30, 500 21, 800 21, 200 24,400 6,000 12,750 8, 200 32, ее 2,450 7,460 37, e00 52,800 229,530 23, e00 267, 500 16, 200 Company $ 17,500 23,550 14,400 25,750 43,400 16, 200 22, 000 7,400 12,750 3,500 47, 000 8,920 3,650 54,500 59, 200 290,010 17, 200 124, 825 19,700 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases selling expenses Sales Cash Factory equipment, net ACcounts receivable, net

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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