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 $ 13,900 18,200 10,400 31,500 19,400 17,750 22,900 5,500 10,950 25,500 14,500 4,820 44,500 59,200 282,960 20,000 16,000 Pepper Company $19,450 20,250 10,200 23,950 39,000 14,900 16,200 7,800 15,250 45,000 13,320 2,550 58,500 55,600 394,820 24,200 23,950 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. 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 $ 13,900 18,200 10,400 31,500 19,400 17,750 22,900 5,500 10,950 25,500 14,500 4,820 44,500 59,200 282,960 20,000 16,000 Pepper Company $19,450 20,250 10,200 23,950 39,000 14,900 16,200 7,800 15,250 45,000 13,320 2,550 58,500 55,600 394,820 24,200 23,950 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
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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
$ 13,900
18,200
10,400
31,500
19,400
17,750
22,900
5,500
10,950
25,500
14,500
4,820
44,500
59, 200
282,960
20,000
16,000
Pepper
Company
$ 19,450
20,250
10,200
23,950
39,000
14,900
16,200
7,800
15,250
45,000
13,320
2,550
58,500
55,600
394,820
24, 200
23,950
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd985a829-0788-4997-8ef8-1e5d63a0a18d%2Fbdbdeaa2-390c-487d-80c6-094a470032d1%2Fli7zlbf_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
Garcon
Company
$ 13,900
18,200
10,400
31,500
19,400
17,750
22,900
5,500
10,950
25,500
14,500
4,820
44,500
59, 200
282,960
20,000
16,000
Pepper
Company
$ 19,450
20,250
10,200
23,950
39,000
14,900
16,200
7,800
15,250
45,000
13,320
2,550
58,500
55,600
394,820
24, 200
23,950
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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