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The following data is provided for Garcon Company and Pepper Company for the year en Garcon Company $ 12,000 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 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20,000 13, 200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860 1,500 52,000 46,000 290,010 15,700 19,450

The following data is provided for Garcon Company and Pepper Company for the year en Garcon Company $ 12,000 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 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20,000 13, 200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860 1,500 52,000 46,000 290,010 15,700 19,450

FINANCIAL ACCOUNTING
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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1: 2: Prepare the income statement for Garcon Company. 3: Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Net income Cost of goods sold: Goods available for sale Cost of goods sold GARCON COMPANY Income Statement For Year Ended December 31 Net income PEPPER COMPANY Income Statement For Year Ended December 31 $ Req 1 Garcon 12,000 96,680 108,680 217,360 17,650 0 $ $ 195,030 199,710 (4,680) $ (4,680) 0 0 Reg 2 Garcon
Transcribed Image Text:1: 2: Prepare the income statement for Garcon Company. 3: Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Net income Cost of goods sold: Goods available for sale Cost of goods sold GARCON COMPANY Income Statement For Year Ended December 31 Net income PEPPER COMPANY Income Statement For Year Ended December 31 $ Req 1 Garcon 12,000 96,680 108,680 217,360 17,650 0 $ $ 195,030 199,710 (4,680) $ (4,680) 0 0 Reg 2 Garcon
Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year en 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 $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20,000 13, 200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860 1,500 52,000 46,000 290,010 15,700 19,450
Transcribed Image Text:Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year en 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 $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20,000 13, 200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860 1,500 52,000 46,000 290,010 15,700 19,450
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