Chapter 18, Problem 9E

To determine

Income statement is a financial statement that depicts the financial performance of a company. It shows the profit or loss of a company from operating and non-operating activities.

Current assets section depicts the liquid assets of the organization and assets that can be realized within next period of 12 months.

To determine:

We have to prepare the Income statement and the current asset section of the balance sheet of Garcon Company and Pepper Company from the figures given in question 18.8.