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 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 Total current assets $ 14,900 18,000 9,800 34,250 24, 200 17,300 26,200 7,200 13,650 $ 23,500 15,000 7,588 41,500 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 0 61,600 298,670 28,000 14,400 Complete this question by entering your answers in the tabs below. < Req 1 Pepper Pepper Company $ 16,750 23,250 12,750 22,300 44,200 15,400 17,200 8,600 17,758 55,500 12,940 2,150 57,500 55,600 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 31 380,610 22, 200 20,700 Req 2 Pepper >
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 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 Total current assets $ 14,900 18,000 9,800 34,250 24, 200 17,300 26,200 7,200 13,650 $ 23,500 15,000 7,588 41,500 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 0 61,600 298,670 28,000 14,400 Complete this question by entering your answers in the tabs below. < Req 1 Pepper Pepper Company $ 16,750 23,250 12,750 22,300 44,200 15,400 17,200 8,600 17,758 55,500 12,940 2,150 57,500 55,600 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 31 380,610 22, 200 20,700 Req 2 Pepper >
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
Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
GARCON COMPANY
Balance Sheet-Current Assets Section
December 31
Garcon
Company
Total current assets
$ 14,900
18,000
9,800
34,250
24, 200
$
17,300
26, 200
< Req 1 Pepper
7,200
13,650
23,500
15,000
7,580
41,500
61,600
298,670
28,000
14,400
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Pepper
Company
Complete this question by entering your answers in the tabs below.
$ 16,750
23,250
12,750
22,300
44,200
15,400
17, 200
8,600
17,750
55,500
12,940
Prepare the current asset section of the balance sheet for Garcon Company.
2,150
57,500
55,600
380,610
22, 200
20,700
Req 2 Pepper >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d3182a3-6690-40be-b718-41a40b1b747e%2F77ebe3ab-d7d4-43ba-89d5-f37327142932%2Fr9pj93m_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.
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
Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
GARCON COMPANY
Balance Sheet-Current Assets Section
December 31
Garcon
Company
Total current assets
$ 14,900
18,000
9,800
34,250
24, 200
$
17,300
26, 200
< Req 1 Pepper
7,200
13,650
23,500
15,000
7,580
41,500
61,600
298,670
28,000
14,400
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Pepper
Company
Complete this question by entering your answers in the tabs below.
$ 16,750
23,250
12,750
22,300
44,200
15,400
17, 200
8,600
17,750
55,500
12,940
Prepare the current asset section of the balance sheet for Garcon Company.
2,150
57,500
55,600
380,610
22, 200
20,700
Req 2 Pepper >
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Step 1: Introduction of Income statement:
VIEWStep 2: Preparation of Income statement of GARGON COMPANY:
VIEWStep 3: Preparation of Income statement PEPPER COMPANY:
VIEWStep 4: Preparation of current asset section of GARGON COMPANY:
VIEWStep 5: Preparation of current asset section of PEPPER COMPANY:
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