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. Garcon Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 13,900 Pepper Company $ 17,350 17,900 22,200 10,600 9,450 32,500 25,150 22,200 41,400 Finished goods inventory, ending 18,950 16,300 Work in process inventory, ending 27,100 21,600 Raw materials inventory, ending 6,200 9,800 Factory utilities 14,850 17,500 General and administrative expenses 21,500 47,500 Indirect labor 15,550 12,920 Repairs-Factory equipment 6,980 3,550 Raw materials purchases 42,500 68,000 Selling expenses 51,600 54,700 Sales Cash Accounts receivable, net 290,970 388,850 34,000 18,700 16,800 19,700 1. Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income ✓ $ 17,350 169,120x 0◉ 188,470 < Req 1 Garcon $ 388,850 186,470 202,380 $ 202,380 Req 2 Garcon >
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. Garcon Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 13,900 Pepper Company $ 17,350 17,900 22,200 10,600 9,450 32,500 25,150 22,200 41,400 Finished goods inventory, ending 18,950 16,300 Work in process inventory, ending 27,100 21,600 Raw materials inventory, ending 6,200 9,800 Factory utilities 14,850 17,500 General and administrative expenses 21,500 47,500 Indirect labor 15,550 12,920 Repairs-Factory equipment 6,980 3,550 Raw materials purchases 42,500 68,000 Selling expenses 51,600 54,700 Sales Cash Accounts receivable, net 290,970 388,850 34,000 18,700 16,800 19,700 1. Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income ✓ $ 17,350 169,120x 0◉ 188,470 < Req 1 Garcon $ 388,850 186,470 202,380 $ 202,380 Req 2 Garcon >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.
Garcon
Company
Finished goods inventory, beginning
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
$ 13,900
Pepper
Company
$ 17,350
17,900
22,200
10,600
9,450
32,500
25,150
22,200
41,400
Finished goods inventory, ending
18,950
16,300
Work in process inventory, ending
27,100
21,600
Raw materials inventory, ending
6,200
9,800
Factory utilities
14,850
17,500
General and administrative expenses
21,500
47,500
Indirect labor
15,550
12,920
Repairs-Factory equipment
6,980
3,550
Raw materials purchases
42,500
68,000
Selling expenses
51,600
54,700
Sales
Cash
Accounts receivable, net
290,970
388,850
34,000
18,700
16,800
19,700
1. Prepare Income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
Prepare the income statement for Pepper Company.
PEPPER COMPANY
Income Statement
For Year Ended December 31
Sales
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
Goods available for sale
Less: Finished goods inventory, ending
Cost of goods sold
Gross profit
Selling expenses
General and administrative expenses
Net income
✓
$
17,350
169,120x
0◉
188,470
< Req 1 Garcon
$ 388,850
186,470
202,380
$ 202,380
Req 2 Garcon >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ab78794-93a0-4bbe-a35d-ddeaad9079c5%2F6f701c2c-89f7-42e7-9e26-dac081619ade%2Ffg7hjt_processed.png&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.
Garcon
Company
Finished goods inventory, beginning
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
$ 13,900
Pepper
Company
$ 17,350
17,900
22,200
10,600
9,450
32,500
25,150
22,200
41,400
Finished goods inventory, ending
18,950
16,300
Work in process inventory, ending
27,100
21,600
Raw materials inventory, ending
6,200
9,800
Factory utilities
14,850
17,500
General and administrative expenses
21,500
47,500
Indirect labor
15,550
12,920
Repairs-Factory equipment
6,980
3,550
Raw materials purchases
42,500
68,000
Selling expenses
51,600
54,700
Sales
Cash
Accounts receivable, net
290,970
388,850
34,000
18,700
16,800
19,700
1. Prepare Income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
Prepare the income statement for Pepper Company.
PEPPER COMPANY
Income Statement
For Year Ended December 31
Sales
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
Goods available for sale
Less: Finished goods inventory, ending
Cost of goods sold
Gross profit
Selling expenses
General and administrative expenses
Net income
✓
$
17,350
169,120x
0◉
188,470
< Req 1 Garcon
$ 388,850
186,470
202,380
$ 202,380
Req 2 Garcon >
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