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The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company $ 16,150 21,000 9,600 23,650 19,200 35,800 13,200 17,600 7,800 16,750 55,000 13,260 1,850 64,000 49,600 379,990 17,200 23,950 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, end 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 $ 12,500 16,500 11,500 31,000 17,450 28,000 5,900 14,100 35,000 14,800 6,740 39,500 62,400 297,240 24,000 14,400 1. 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. Garcon Company Pepper Company $ 16,150 21,000 9,600 23,650 19,200 35,800 13,200 17,600 7,800 16,750 55,000 13,260 1,850 64,000 49,600 379,990 17,200 23,950 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, end 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 $ 12,500 16,500 11,500 31,000 17,450 28,000 5,900 14,100 35,000 14,800 6,740 39,500 62,400 297,240 24,000 14,400 1. 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
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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Required information [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, end 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 Total current assets $ Garcon Company $ 12,500 16,500 11,500 31,000 19,200 0 17,450 28,000 <Req 1 Popper 5,900 14,100 35,000 14,800 6,740 39,500 62,400 297,240 24,000 14,400 Pepper Company $ 16,150 21,000 9,600 23,650 35,800 13,200 17,600 7,800 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. 16,750 55,000 13,260 1,850 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 64,000 49,600 379,990 17,200 23,950 Req 2 Pepper >
Transcribed Image Text:Required information [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, end 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 Total current assets $ Garcon Company $ 12,500 16,500 11,500 31,000 19,200 0 17,450 28,000 <Req 1 Popper 5,900 14,100 35,000 14,800 6,740 39,500 62,400 297,240 24,000 14,400 Pepper Company $ 16,150 21,000 9,600 23,650 35,800 13,200 17,600 7,800 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. 16,750 55,000 13,260 1,850 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 64,000 49,600 379,990 17,200 23,950 Req 2 Pepper >
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