Required InformationUse the following information for the Exercises below. (Algo)[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, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, endingRaw materials inventory, endingFactory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, netReq 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 PepperPrepare the income statement for Garcon Company.Cost of goods sold:Goods available for saleCost of goods soldGarconCompanyGARCON COMPANYIncome StatementFor Year Ended December 31$ 13,30016,30011,70030,25023,20019,258< Req 1 Garcon24,1086,00013,65832,80814,7886,50042,00054,800295,238Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P11. Prepare income statements for both Garcon Company and Pepper Company.2. Prepare the current assets section of the balance sheet for each company.25,00014,400Complete this question by entering your answers in the tabs below.PepperCompany$ 17,35023,25010,50022,00037,00016,20019,200$7,40012,25054,80013,9203,60065,00059,200391,96028,20023,950Req 1 Pepper >

Income Statement is a financial statement that includes revenue earned and expenses incurred during…

Required information Use the following information for the Exercises below. (Algo) [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 $ 13,300 16,300 11,700 30,250 23,200 19,250 24,100 6,000 13,650 32,000 14,700 6,500 42,000 54,000 295,230 25,000 14,400 Pepper Company $ 17,350 23,250 10,500 22,000 37,000 16,200 19,200 7,400 12,250 54,000 13,920 3,600 65,000 59,200 391,960 20,200 23,950 Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 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 Use the following information for the Exercises below. (Algo) [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 $ 13,300 16,300 11,700 30,250 23,200 19,250 24,100 6,000 13,650 32,000 14,700 6,500 42,000 54,000 295,230 25,000 14,400 Pepper Company $ 17,350 23,250 10,500 22,000 37,000 16,200 19,200 7,400 12,250 54,000 13,920 3,600 65,000 59,200 391,960 20,200 23,950 Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 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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