Answer in text form with explanation computation for each steps for all requirements answer should be well explained computed with full explanation computation steps for all requirements 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, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, endingRaw materials inventory, endingFactory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, netReq 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 PepperPrepare the income statement for Garcon Company.GARCON COMPANYIncome StatementFor Year Ended December 31SalesCost of goods sold:Finished goods inventory, beginningAdd: Cost of goods manufacturedGoods available for saleLess: Finished goods inventory, endingCost of goods soldGarconCompanyGross profitGeneral and administrative expensesSelling expenses$ 14,90018,0009,80034,25024,20017,30026,2007,20013,65023,500Net income15,0007,58041,50061,600298,67028,00014,4001. 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.PepperCompany$ 16,75023,25012,75022,30044,20015,40017,200$ 14,9008,60017,75055,50012,94014,90017,3002,15057,50055,600380,61022, 20020,700S 290,670(2,400)23,50061.600$ (85,100)||

An income statement is a statement in which all the revenue and expenses incurred in a period are…

[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, ending 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 Garcon Company $ 14,900 18,000 9,800 34,250 24,200 17,300 26, 200 7,200 13,650 23,500 15,000 7,588 41,500 61,600 290,670 28,000 Pepper Company $ 16,750 23,250 12,750 22,300 44,200 15,400 17,200 8,600 17,750 55,500 12,940 2,150 57,588 55,600 380,610 22,200 20, 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.