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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i need the answer quickly
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fab52a0f9-cc1f-45be-8fb6-d020faab548c%2Fc41876d9-b1d5-4584-aa7c-ee1c267274a0%2Frohe82e_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
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education