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 $ 12,900 17,100 7,500 35,000 20,000 19,850 27,400 7,600 11,550 28,500 15,400 7,460 Pepper Company $ 19,450 20,250 9,600 16,000 44,000 12,720 1,550 40,000 57,500 53,600 47,500 293,580 387,950 17,200 21,950 33,000 16,400 15,000 25,750 43,800 13,800 18,800 . Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

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 $ 12,900 17,100 7,500 35,000 20,000 19,850 27,400 7,600 11,550 28,500 15,400 7,460 Pepper Company $ 19,450 20,250 9,600 16,000 44,000 12,720 1,550 40,000 57,500 53,600 47,500 293,580 387,950 17,200 21,950 33,000 16,400 15,000 25,750 43,800 13,800 18,800 . 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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