he following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 13,000 $ 16,600 Work in process inventory, beginning 18,500 23,400 Raw materials inventory, beginning 11,600 9,750 Rental cost on factory equipment 32,000 26,350 Direct labor 22,000 44,600 Finished goods inventory, ending 20,900 15,500 Work in process inventory, ending 24,700 16,600 Raw materials inventory, ending 6,400 7,400 Factory utilities 10,050 13,000 General and administrative expenses 34,500 55,000 Indirect labor 13,900 14,480 Repairs—Factory equipment 7,100 1,950 Raw materials purchases 46,000 58,000 Selling expenses 52,000 59,500 Sales 290,490 380,970 Cash 21,000 16,200 Accounts receivable, net 13,600 21,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.
he following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 13,000 $ 16,600 Work in process inventory, beginning 18,500 23,400 Raw materials inventory, beginning 11,600 9,750 Rental cost on factory equipment 32,000 26,350 Direct labor 22,000 44,600 Finished goods inventory, ending 20,900 15,500 Work in process inventory, ending 24,700 16,600 Raw materials inventory, ending 6,400 7,400 Factory utilities 10,050 13,000 General and administrative expenses 34,500 55,000 Indirect labor 13,900 14,480 Repairs—Factory equipment 7,100 1,950 Raw materials purchases 46,000 58,000 Selling expenses 52,000 59,500 Sales 290,490 380,970 Cash 21,000 16,200 Accounts receivable, net 13,600 21,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
| Garcon Company | Pepper Company | |
|---|---|---|
| Finished goods inventory, beginning | $ 13,000 | $ 16,600 |
| Work in process inventory, beginning | 18,500 | 23,400 |
| Raw materials inventory, beginning | 11,600 | 9,750 |
| Rental cost on factory equipment | 32,000 | 26,350 |
| Direct labor | 22,000 | 44,600 |
| Finished goods inventory, ending | 20,900 | 15,500 |
| Work in process inventory, ending | 24,700 | 16,600 |
| Raw materials inventory, ending | 6,400 | 7,400 |
| Factory utilities | 10,050 | 13,000 |
| General and administrative expenses | 34,500 | 55,000 |
| Indirect labor | 13,900 | 14,480 |
| Repairs—Factory equipment | 7,100 | 1,950 |
| Raw materials purchases | 46,000 | 58,000 |
| Selling expenses | 52,000 | 59,500 |
| Sales | 290,490 | 380,970 |
| Cash | 21,000 | 16,200 |
| 13,600 | 21,450 |
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the
Transcribed Image Text:Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
Prepare the current asset section of the balance sheet for Pepper Company.
PEPPER COMPANY
Balance Sheet-Current Assets Section
December 31
Total current assets
0
Transcribed Image Text:Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
Prepare the current asset section of the balance sheet for Garcon Company.
GARCON COMPANY
Balance Sheet-Current Assets Section
December 31
Total current assets
$
0
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education