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. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities. General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 14,600 16,800 10,300 28,500 19,000 18,950 25,000 6,700 12,900 33,000 15,500 6,020 38,500 56,400 297,690 23,000 14,600 Pepper Company $ 18,850 21,600 14,400 24,100 40,200 13,900 19, 200 8,400 12,250 56,000 15,720 2,550 54,000 51,100 378,770 16, 200 19,450
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. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities. General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 14,600 16,800 10,300 28,500 19,000 18,950 25,000 6,700 12,900 33,000 15,500 6,020 38,500 56,400 297,690 23,000 14,600 Pepper Company $ 18,850 21,600 14,400 24,100 40,200 13,900 19, 200 8,400 12,250 56,000 15,720 2,550 54,000 51,100 378,770 16, 200 19,450
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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.
Finished goods inventory, beginning
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
Finished goods inventory, ending
Work in process inventory, ending
Raw materials inventory, ending
Factory utilities
General and administrative expenses
Indirect labor
Repairs-Factory equipment
Raw materials purchases
Selling expenses
Sales
Cash
Accounts receivable, net
Garcon
Company
$ 14,600
16,800
10,300.
28,500
19,000
18,950
25,000
6,700
12,900
33,000
15,500
6,020
38,500
56,400
297,690
23,000
14,600
Pepper
Company
$ 18,850
21,600
14,400
24,100
40,200
13,900
19, 200
8,400
12,250
56,000
15,720
2,550
54,000
51,100
378,770
16, 200
19,450](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F887ed175-539f-4079-a422-06d93f0bd677%2F65e4255a-34d7-41e9-9d9b-97cb5d7eca80%2Fhkw7hp_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.
Finished goods inventory, beginning
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
Finished goods inventory, ending
Work in process inventory, ending
Raw materials inventory, ending
Factory utilities
General and administrative expenses
Indirect labor
Repairs-Factory equipment
Raw materials purchases
Selling expenses
Sales
Cash
Accounts receivable, net
Garcon
Company
$ 14,600
16,800
10,300.
28,500
19,000
18,950
25,000
6,700
12,900
33,000
15,500
6,020
38,500
56,400
297,690
23,000
14,600
Pepper
Company
$ 18,850
21,600
14,400
24,100
40,200
13,900
19, 200
8,400
12,250
56,000
15,720
2,550
54,000
51,100
378,770
16, 200
19,450
Transcribed Image Text: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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