Please do not give solution in image format thanku 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, endingRow materials inventory, endingFactory utilitiesGeneral and administrative expenses,Indirect 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.GARCON COMPANYIncome StatementFor Year Ended December 31SalesCost of goods sold:Finished goods inventory, beginningCost of goods manufacturedGoods available for saleAdd: Finished goods inventory, endingCost of goods soldGarconCompany$ 12,000Gross profit16,30011,60030,75022,40017,75025,3007,80011,85030,00014,2007,340Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1Selling expensesGeneral and administrative expenses44,00053,600271,38033,00016,6001. Prepare income statements for both Garcon Company and Pepper Company.2. Prepare the current assets section of the balance sheet for each companyNet incomeComplete this question by entering your answers in the tabs below.PepperCompany$ 18,25020,40014,10025,15040,60015,90021,40009,20013,50052,50015,4403,100S70,00051,700392,99016,20021,200$ 271,38000 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 PepperPrepare the income statement for Pepper Company.PEPPER COMPANYIncome Statement.For Year Ended December 31Cost of goods soldGoods available for saleCost of goods soldNet income< Req 1 GarconReq 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 PepperGARCON COMPANYBalance Sheet-Current Assets SectionDecember 31Total current assetsPrepare the current asset section of the balance sheet for Garcon Company.$Total current assets0PEPPER COMPANYBalance Sheet-Current Assets SectionDecember 310< Req 1 Pepper$Prepare the current asset section of the balance sheet for Pepper Company.Req 2 Garcon >0Req 2 Pepper >

Income statement is a financial statement that records all the income and expenses of the business…

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 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 Goods available for sale Exercise 18-8 (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 Add: Finished goods inventory, ending Cost of goods sold Garcon Company $ 12,000 16,300 11,600 Complete this question by entering your answers in the tabs below. Gross profit Selling expenses General and administrative expenses 30,750 22,400 17,750 Net income 25,300 7,800 11,850 30,000 14,200 7,340 44,000 53,600 271,380 33,000 16,600 Pepper Company $ 18,250 20,400 0 14,100 25,150 40,600 15,900 21,400 9,200 13,500 52,500 15,440 3,100 70,000 51,700 392,990 16,200 21,200 S $ 271,380 0

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q