The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Finished goods inventory, beginning $12,000 14,500 Work in process inventory, beginning Raw materials inventory, beginning 7,250 Rental cost on factory equipment 27,000 Direct labor 19,000 Finished goods inventory, ending 17,650 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 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20,000 Accounts receivable, net Exercise 1-8 (Static) Preparing financial statements for a manufacturer LO P1 13,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please solve all parts within 30 minutes.

The following data is provided for Garcon Company
and Pepper Company for the year ended December
31.
Garcon
Company
Finished goods inventory, beginning $12,000
14,500
Work in process inventory,
beginning
Raw materials inventory, beginning 7,250
Rental cost on factory equipment
27,000
Direct labor
19,000
Finished goods inventory, ending
17,650
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
22,000
5,300
9,000
21,000
9,450
4,780
33,000
50,000
195,030
20,000
Accounts receivable, net
Exercise 1-8 (Static) Preparing financial statements for
a manufacturer LO P1
13,200
1. Prepare income statements for both Garcon
Company and Pepper Company.
2. Prepare the current assets section of the balance
sheet for each company.
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:The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Finished goods inventory, beginning $12,000 14,500 Work in process inventory, beginning Raw materials inventory, beginning 7,250 Rental cost on factory equipment 27,000 Direct labor 19,000 Finished goods inventory, ending 17,650 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 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20,000 Accounts receivable, net Exercise 1-8 (Static) Preparing financial statements for a manufacturer LO P1 13,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 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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