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 $ 12,300 18,700 8,200 34,000 19,400 21,200 22,600 6,200 9,150 34,500 10,150 5,420 38,500 64,400 294,930 23,000 14,400 Pepper Company $ 17,800 20,100 14,550 26,500 44,200 13,400 17,200 9,400 14,500 50,000 12,740 1,950 58,500 53,200 387,800 21,200 24,450 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 $ 12,300 18,700 8,200 34,000 19,400 21,200 22,600 6,200 9,150 34,500 10,150 5,420 38,500 64,400 294,930 23,000 14,400 Pepper Company $ 17,800 20,100 14,550 26,500 44,200 13,400 17,200 9,400 14,500 50,000 12,740 1,950 58,500 53,200 387,800 21,200 24,450 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
Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper
Prepare the income statement for Garcon Company.
GARCON COMPANY
Income Statement
For Year Ended December 31
Sales
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Goods available for sale
Garcon
Company
$ 12,300
18,700
8,200
34,000
19,400
21,200
22,600
6,200
9,150
34,500
10,150
Complete this question by entering your answers in the tabs below.
del
5,420
38,500
64,400
294,930
23,000
14,400
$
Pepper
Company
$ 17,800
20,100
14,550
26,500
44,200
13,400
17,200
9,400
14,500
50,000
12,740
1,950
58,500
53,200
387,800
12,300
21,200
24,450
12,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F03b7db48-b7c3-46ce-a8ea-7d5ddd30de88%2Fda8ba814-56fc-445a-b520-9f50098349f2%2Fnbkakj_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
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
Prepare the income statement for Garcon Company.
GARCON COMPANY
Income Statement
For Year Ended December 31
Sales
Cost of goods sold:
Finished goods inventory, beginning
Cost of goods manufactured
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Goods available for sale
Garcon
Company
$ 12,300
18,700
8,200
34,000
19,400
21,200
22,600
6,200
9,150
34,500
10,150
Complete this question by entering your answers in the tabs below.
del
5,420
38,500
64,400
294,930
23,000
14,400
$
Pepper
Company
$ 17,800
20,100
14,550
26,500
44,200
13,400
17,200
9,400
14,500
50,000
12,740
1,950
58,500
53,200
387,800
12,300
21,200
24,450
12,300
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