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 Garcon Company $ 14,000 15,700 Pepper Company $ 19,600 21,900 7,000 10,350 33,750 22,750 21,200 36,200 Finished goods inventory, ending 17,300 14,300 Work in process inventory, ending 26,800 20,400 Raw materials inventory, ending Factory utilities 6,400 7,800 13,050 14,000 General and administrative expenses 30,000 47,000 Indirect labor 12,400 13,500 Repairs-Factory equipment 7,460 3,950 Raw materials purchases 47,000 67,500 Selling expenses 51,200 53,800 Sales 271,800 382,410 Cash 35,000 20,200 Accounts receivable, net 16,600 23,200 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 Garcon Company $ 14,000 15,700 Pepper Company $ 19,600 21,900 7,000 10,350 33,750 22,750 21,200 36,200 Finished goods inventory, ending 17,300 14,300 Work in process inventory, ending 26,800 20,400 Raw materials inventory, ending Factory utilities 6,400 7,800 13,050 14,000 General and administrative expenses 30,000 47,000 Indirect labor 12,400 13,500 Repairs-Factory equipment 7,460 3,950 Raw materials purchases 47,000 67,500 Selling expenses 51,200 53,800 Sales 271,800 382,410 Cash 35,000 20,200 Accounts receivable, net 16,600 23,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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