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

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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