xercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 Prepare Income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company.
xercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 Prepare Income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
Transcribed Image Text:Prepare the income statement for Pepper Company.
PEPPER COMPANY
Income Statement
For Year Ended December 31
Cost of goods sold:
Goods available for sale
Cost of goods sold
Net income
Prepare the current asset section of the balance sheet for Garcon Company.
GARCON COMPANY
Balance Sheet-Current Assets Section
December 31
Total current assets
Prepare the current asset section of the balance sheet for Pepper Company.
PEPPER COMPANY
Balance Sheet-Current Assets Section
December 31
Total current assets
![Required information
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.
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
Boare ne
Prepare the income statement for Garcon Company.
GARCON COMPANY
Income Statement
For Year Ended December 31
Cost of goods sold:
Garcon
Company
$ 13,700
19,000
8,980
27,500
21,000
19,250
Goods available for sale
26,200
5,900
9,980
31,000
14,050
Cost of goods sold
5,660
42,500
61,288
294,030
21,080
13,280
Pepper
Company
$ 18,400
20,250
9,750
Exercise 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.
23,800
37,800
Complete this question by entering your answers in the tabs below.
16,200
22,800
7,800
12,250
57,880
12,780
2,950
62,500
48,400
397,160
19,200
20,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F933c0c63-eb3d-4c0d-ad59-3bf2a496afd3%2F46752eb2-6388-4541-9131-b5bf8515a4f7%2F9eagq38_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
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.
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
Boare ne
Prepare the income statement for Garcon Company.
GARCON COMPANY
Income Statement
For Year Ended December 31
Cost of goods sold:
Garcon
Company
$ 13,700
19,000
8,980
27,500
21,000
19,250
Goods available for sale
26,200
5,900
9,980
31,000
14,050
Cost of goods sold
5,660
42,500
61,288
294,030
21,080
13,280
Pepper
Company
$ 18,400
20,250
9,750
Exercise 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.
23,800
37,800
Complete this question by entering your answers in the tabs below.
16,200
22,800
7,800
12,250
57,880
12,780
2,950
62,500
48,400
397,160
19,200
20,200
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