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 $ 14,400 17,600 9,200 34,250 19,000 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 18,200 23,200 7,400 12,450 25,500 15,800 6,260 45,000 59,600 271,170 32,000 13,600 Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390,730 17,200 20,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.
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 $ 14,400 17,600 9,200 34,250 19,000 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 18,200 23,200 7,400 12,450 25,500 15,800 6,260 45,000 59,600 271,170 32,000 13,600 Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390,730 17,200 20,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku and help me with correct answer
![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
$ 14,400
17,600
9,200
34,250
19,000
18,200
23,200
7,400
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
12,450
25,500
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
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
15,800
6,260
45,000
59,600
271,170
32,000
13,600
Answer is not complete.
Complete this question by entering your answers in the tabs below.
✓ $
Pepper
Company
$ 17,800
22,500
10,500
25,600
43,000
16,600
18,600
9,400
12,750
45,500
12,960
3,500
52,000
56,500
390, 730
17, 200
20,700
14,400 X
125,160 X
$ 390,730](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe446fb00-e379-481b-9156-8cbc5d4875f1%2F8b2d5b7d-702e-4c1f-bd14-1202a9005461%2F8kdskub_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
$ 14,400
17,600
9,200
34,250
19,000
18,200
23,200
7,400
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
12,450
25,500
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
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
15,800
6,260
45,000
59,600
271,170
32,000
13,600
Answer is not complete.
Complete this question by entering your answers in the tabs below.
✓ $
Pepper
Company
$ 17,800
22,500
10,500
25,600
43,000
16,600
18,600
9,400
12,750
45,500
12,960
3,500
52,000
56,500
390, 730
17, 200
20,700
14,400 X
125,160 X
$ 390,730
![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
$ 14,400
17,600
9,200
34,250
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
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
Prepare the income statement for Garco Req 2 Garcon
19,000
18,200
23,200
7,400
12,450
25,500
15,800
6,260
45,000
59,600
X Answer is not complete.
Complete this question by entering your answers in the tabs below.
GARCON COMPANY
Income Statement
For Year Ended December 31
Sales
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
271,170
32,000
13,600
✓$
Pepper
Company
$ 17,800
22,500
10,500
25,600
43,000
16,600
18,600
9,400
12,750
45,500
12,960
3,500
52,000
56,500
390, 730
17,200
20,700
14,400
25,500 X
$ 271,170](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe446fb00-e379-481b-9156-8cbc5d4875f1%2F8b2d5b7d-702e-4c1f-bd14-1202a9005461%2Fbqnwy5b_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
$ 14,400
17,600
9,200
34,250
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
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
Prepare the income statement for Garco Req 2 Garcon
19,000
18,200
23,200
7,400
12,450
25,500
15,800
6,260
45,000
59,600
X Answer is not complete.
Complete this question by entering your answers in the tabs below.
GARCON COMPANY
Income Statement
For Year Ended December 31
Sales
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
271,170
32,000
13,600
✓$
Pepper
Company
$ 17,800
22,500
10,500
25,600
43,000
16,600
18,600
9,400
12,750
45,500
12,960
3,500
52,000
56,500
390, 730
17,200
20,700
14,400
25,500 X
$ 271,170
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