Exercise 18-9 Prepare financial statements for a manufacturer LO C4, P2

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Exercise 18-9 Prepare financial statements for a manufacturer LO C4, P2 Using the following data, Garcon Company 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 RepairsFactory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 8,200 21,000 1,250 4,780 33,000 50,000 195,03 0 20,000 212,50 0 13,200 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 Before Tax Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 3,200 43,000 7,660 1,500 52,000 46,000 290,010 15,700 115,825 19,450 Pepper Company PEPPER COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income before tax 1-b. Prepare the current assets section of the balance sheet for each company. GARCON COMPANY Partial Balance Sheet For Year Ended December 31, 2015 Inventories Total current assets PEPPER COMPANY Partial Balance Sheet For Year Ended December 31, 2015 Inventories Total current assets