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The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished Garcon Company Pepper Company

The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished Garcon Company Pepper 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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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 Garcon Company $ 14,400 18,400 Pepper Company $ 19,000 20,700 9,600 7,800 29,500 26,500 22,400 40,600 Finished goods inventory, ending 18,650 16,600 Work in process inventory, ending 24,400 20,800 Raw materials inventory, ending 7,800 9,200 Factory utilities 11,250 15,250 General and administrative expenses 23,000 50,500 Indirect labor 14,450 13,440 Repairs-Factory equipment 4,940 2,350 Raw materials purchases 43,000 66,000 Selling expenses 55,200 52,300 Sales 284,910 384,320 Cash 26,000 20,700 Accounts receivable, net 15,400 23,700 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.
Transcribed Image Text: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 Garcon Company $ 14,400 18,400 Pepper Company $ 19,000 20,700 9,600 7,800 29,500 26,500 22,400 40,600 Finished goods inventory, ending 18,650 16,600 Work in process inventory, ending 24,400 20,800 Raw materials inventory, ending 7,800 9,200 Factory utilities 11,250 15,250 General and administrative expenses 23,000 50,500 Indirect labor 14,450 13,440 Repairs-Factory equipment 4,940 2,350 Raw materials purchases 43,000 66,000 Selling expenses 55,200 52,300 Sales 284,910 384,320 Cash 26,000 20,700 Accounts receivable, net 15,400 23,700 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.
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