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 Garcon Company $ 14,400 17,600 Pepper Company $ 17,800 22,500 10,500 9,200 34,250 25,600 19,000 43,000 18,200 16,600 23,200 18,600 7,400 9,400 12,450 12,750 General and administrative expenses 25,500 45,500 Indirect labor 15,800 12,960 Repairs-Factory equipment 6,260 3,500 Raw materials purchases 45,000 52,000 Selling expenses 59,600 56,500 Sales 271,170 390,730 Cash Accounts receivable, net 32,000 17,200 13,600 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. 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 Sales Income Statement For Year Ended December 31 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured $ 14,400 x 125,160 $ 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. 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 Garcon Company $ 14,400 17,600 Pepper Company $ 17,800 22,500 10,500 9,200 34,250 25,600 19,000 43,000 18,200 16,600 23,200 18,600 7,400 9,400 12,450 12,750 General and administrative expenses 25,500 45,500 Indirect labor 15,800 12,960 Repairs-Factory equipment 6,260 3,500 Raw materials purchases 45,000 52,000 Selling expenses 59,600 56,500 Sales 271,170 390,730 Cash Accounts receivable, net 32,000 17,200 13,600 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. 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 Sales Income Statement For Year Ended December 31 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured $ 14,400 x 125,160 $ 390,730
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
![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
Garcon
Company
$ 14,400
17,600
Pepper
Company
$ 17,800
22,500
10,500
9,200
34,250
25,600
19,000
43,000
18,200
16,600
23,200
18,600
7,400
9,400
12,450
12,750
General and administrative expenses
25,500
45,500
Indirect labor
15,800
12,960
Repairs-Factory equipment
6,260
3,500
Raw materials purchases
45,000
52,000
Selling expenses
59,600
56,500
Sales
271,170
390,730
Cash
Accounts receivable, net
32,000
17,200
13,600
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.
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
Sales
Income Statement
For Year Ended December 31
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
$
14,400 x
125,160
$ 390,730](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7abf306-80b9-4c65-afe8-4e6a0644e271%2Fb1b6da56-ba0b-4172-9c3d-3e7d844e2998%2Fl78z2ol_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
Garcon
Company
$ 14,400
17,600
Pepper
Company
$ 17,800
22,500
10,500
9,200
34,250
25,600
19,000
43,000
18,200
16,600
23,200
18,600
7,400
9,400
12,450
12,750
General and administrative expenses
25,500
45,500
Indirect labor
15,800
12,960
Repairs-Factory equipment
6,260
3,500
Raw materials purchases
45,000
52,000
Selling expenses
59,600
56,500
Sales
271,170
390,730
Cash
Accounts receivable, net
32,000
17,200
13,600
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.
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
Sales
Income Statement
For Year Ended December 31
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
$
14,400 x
125,160
$ 390,730
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