The following data is provided for Garcon Company and Pepper Company.GarconPepperCompany$ 16,60023,10012,30026,500Company$ 13,30017,600Beginning finished goods inventoryBeginning work in process inventoryBeginning raw materials inventory (direct materials)Rental cost on factory equipmentDirect laborEnding finished goods inventoryEnding work in process inventoryEnding raw materials inventoryFactory utilitiesFactory supplies used (indirect materials)General and administrative expensesIndirect labor10,10030,75020,00019,40023,2005,70010,2009,10022,0002,20043,80016,70021,0007,80017,7504,70046,0009,220Repairs-Factory equipmentRaw materials purchasesSelling expensesSalesCanhFactory equipment, netAccounts receivable, net6,86044,00052,400246,03021,000247,50016,4002,70065,50051, 100300,01017,200172,82522,950Required: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.

Name: The following data is provided for Garcon Company and Pepper Company.
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Description: The following data is provided for Garcon Company and Pepper Company.GarconPepperCompany$ 16,60023,10012,30026,500Company$ 13,30017,600Beginning finished goods inventoryBeginning work in process inventoryBeginning raw materials inventory (direct mat

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The following data is provided for Garcon Company and Pepper Company. Garcon Pepper Сompany $16,600 23,100 12,300 26,500 43,800 16, 700 21,000 7,800 17,750 4,700 46,000 9,220 2,700 65, 500 51, 100 J00,010 17,200 172,825 22,950 Company $13,300 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairn-Factory equipment Raw materials purchases Selling expenses 17,600 10,100 30,750 20,000 19,400 23,200 5,700 10,200 9,100 22,000 2,200 6,860 44,000 52,400 246,030 21,000 247,500 16,400 Sales Cash Factory equi pment, net Accounts receivable, net Required: 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. Garcon Pepper Сompany $16,600 23,100 12,300 26,500 43,800 16, 700 21,000 7,800 17,750 4,700 46,000 9,220 2,700 65, 500 51, 100 J00,010 17,200 172,825 22,950 Company $13,300 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairn-Factory equipment Raw materials purchases Selling expenses 17,600 10,100 30,750 20,000 19,400 23,200 5,700 10,200 9,100 22,000 2,200 6,860 44,000 52,400 246,030 21,000 247,500 16,400 Sales Cash Factory equi pment, net Accounts receivable, net Required: 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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