he 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. Garcon Renner
he 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. Garcon Renner
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.
Finished goods inventory, beginning
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
Garcon
Company
$ 12,200
15,700
Pepper
Company
$ 19,000
20,700
9,500
11,400
27,250
26,350
20,400
36,600
Finished goods inventory, ending
20,300
14,300
Work in process inventory, ending
25,600
21,600
Raw materials inventory, ending
5,400
8,800
Factory utilities
10,350
13,250
General and administrative expenses
32,500
46,500
Indirect labor
11,500
13,140
Repairs-Factory equipment
5,660
2,650
Raw materials purchases
40,500
67,000
Selling expenses
53,200
51,400
Sales
295,680
372,370
Cash
25,000
18,700
Accounts receivable, net
15,200
23,450
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b9dfba6-1660-4713-9b0b-65787c06b2ea%2Fc1654601-b5e1-427f-9aed-087bc721ddc6%2Fdvdbjj3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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.
Finished goods inventory, beginning
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
Garcon
Company
$ 12,200
15,700
Pepper
Company
$ 19,000
20,700
9,500
11,400
27,250
26,350
20,400
36,600
Finished goods inventory, ending
20,300
14,300
Work in process inventory, ending
25,600
21,600
Raw materials inventory, ending
5,400
8,800
Factory utilities
10,350
13,250
General and administrative expenses
32,500
46,500
Indirect labor
11,500
13,140
Repairs-Factory equipment
5,660
2,650
Raw materials purchases
40,500
67,000
Selling expenses
53,200
51,400
Sales
295,680
372,370
Cash
25,000
18,700
Accounts receivable, net
15,200
23,450
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
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