Use the following information for the Exercises below. (Algo) [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. Garcon Company $ 13,300 16,300 9,300 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 30,500 25,000 20,300 27,400 7,700 9,900 23,000 12,150 5,060 42,500 59, 200 280,080 26,000 14,000 Pepper Company $ 17,050 19,800 14,250 23, 200 44,200 15,500 17,400 9,000 13,750 49,000 14,120 1,700 53,000 56,200 392,480 20,700 22, 200 ercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

Use the following information for the Exercises below. (Algo) [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. Garcon Company $ 13,300 16,300 9,300 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 30,500 25,000 20,300 27,400 7,700 9,900 23,000 12,150 5,060 42,500 59, 200 280,080 26,000 14,000 Pepper Company $ 17,050 19,800 14,250 23, 200 44,200 15,500 17,400 9,000 13,750 49,000 14,120 1,700 53,000 56,200 392,480 20,700 22, 200 ercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 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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