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Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory 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 General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net ccounts receivable, net Garcon Company $ 14,100 17,900 10,000 32,500 21,400 19,400 22,000 7,400 13,500 8,800 34,500 1,850 6,860 46,000 53,600 225,030 28,000 242,500 13,800 Pepper Company $ 16,900 20,100 9,150 25,600 39,000 16,300 20,200 8,800 12,500 3,900 50,000 9,580 2,450 52,500 58,600 310,010 20,700 133,825 24,200

Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory 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 General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net ccounts receivable, net Garcon Company $ 14,100 17,900 10,000 32,500 21,400 19,400 22,000 7,400 13,500 8,800 34,500 1,850 6,860 46,000 53,600 225,030 28,000 242,500 13,800 Pepper Company $ 16,900 20,100 9,150 25,600 39,000 16,300 20,200 8,800 12,500 3,900 50,000 9,580 2,450 52,500 58,600 310,010 20,700 133,825 24,200

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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1-a. Prepare income statements for both Garcon Company and Pepper Company GARCON COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income (loss) before tax PEPPER COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income (loss) before tax 1-b. Prepare the current assets section of the balance sheet for each company Inventories GARCON COMPANY Partial Balance Sheet As of December 31, 2015 Total current assets Inventories PEPPER COMPANY Partial Balance Sheet As of December 31, 2015 Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory 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 General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net ccounts receivable, net 8 Garcon Company $ 14,100 17,900 10.000 32,500 21,400 19.400 22,000 7,400 13,500 8,800 34,500 1,850 6,860 46,000 53,600 225,030 28,000 242,500 13,800 pink Pepper Company $ 16.900 20,100 9,150 25,600 39.000 16.300 20,200 8,800 12,500 3,900 50,000 9,580 2,450 52,500 58,600 310,010 20.700 133,825 24,200
Transcribed Image Text:1-a. Prepare income statements for both Garcon Company and Pepper Company GARCON COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income (loss) before tax PEPPER COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income (loss) before tax 1-b. Prepare the current assets section of the balance sheet for each company Inventories GARCON COMPANY Partial Balance Sheet As of December 31, 2015 Total current assets Inventories PEPPER COMPANY Partial Balance Sheet As of December 31, 2015 Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory 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 General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net ccounts receivable, net 8 Garcon Company $ 14,100 17,900 10.000 32,500 21,400 19.400 22,000 7,400 13,500 8,800 34,500 1,850 6,860 46,000 53,600 225,030 28,000 242,500 13,800 pink Pepper Company $ 16.900 20,100 9,150 25,600 39.000 16.300 20,200 8,800 12,500 3,900 50,000 9,580 2,450 52,500 58,600 310,010 20.700 133,825 24,200
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