Check my work 6 ! Required information [The following information applies to the questions displayed below.] Part 2 of 3 The following data is provided for Garcon Company and Pepper Company for the year ended December 31. 10 points eBook Hint Print Garcon Company $ 13,700 14,600 10,100 29,250 23, 200 17,450 28,000 6,200 10,650 29,000 14,650 6,500 34,000 56,000 276,870 28,000 14,000 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 Pepper Company $ 16,600 21,900 10,650 25,150 36,600 15,400 17,200 7,800 13,500 50,000 12,040 2,750 53,000 47,500 388,080 18,200 24,700 References 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 6 Required information Part 2 of 3 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. 10 points GARCON COMPANY Income Statement For Year Ended December 31 eBook Sales $ 276,870 Hint Cost of goods sold: Print References Cost of goods manufactured 0 (17,450) (17,450) Goods available for sale Add: Finished goods inventory, beginning Cost of goods sold Gross profit Selling expenses General and administrative expenses 56,000 29,000 Net income $ (85,000) 6 ! Required information Part 2 of 3 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. 10 points PEPPER COMPANY Income Statement For Year Ended December 31 eBook Sales $ 388,080 Hint Cost of goods sold: Print References Cost of goods manufactured Goods available for sale 0 (15,400) (15,400) Cost of goods sold Gross profit General and administrative expenses Selling expenses 50,000 47,500 Net income $ (97,500) 6 Required information Part 2 of 3 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. 10 points GARCON COMPANY Balance Sheet-Current Assets Section eBook December 31 Cash $ Hint Print Accounts receivable, net Raw materials inventory Work in process inventory Finished goods inventory 28,000 14,000 6,200 28,000 17,450 References Total current assets $ 93,650 6 O Required information Part 2 of 3 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Co 10 points PEPPER COMPANY Balance Sheet-Current Assets Section eBook December 31 Cash Hint Print Accounts receivable, net Raw materials inventory Work in process inventory Finished goods inventory 18,200 24,700 7,800 17,200 15,400 References Total current assets $ 83,300
