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[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.

	Garcon Company	Pepper Company
Finished goods inventory, beginning	$ 13,600	$ 19,750
Work in process inventory, beginning	16,600	19,500
Raw materials inventory, beginning	8,500	11,850
Rental cost on factory equipment	31,750	26,350
Direct labor	20,800	39,400
Finished goods inventory, ending	18,950	17,000
Work in process inventory, ending	25,900	18,200
Raw materials inventory, ending	6,300	8,000
Factory utilities	14,550	18,000
General and administrative expenses	25,500	53,500
Indirect labor	15,450	12,600
RepairsFactory equipment	4,940	2,850
Raw materials purchases	39,000	52,000
Selling expenses	53,200	52,900
Sales	294,300	392,230
Cash	29,000	21,700
Accounts receivable, net	15,800	23,450

1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

Required information [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. Garcon Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor 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 $ 13,600 16,600 10,000 8,500 31,750 20,800 40 18,950 25,900 2 0:00 6,300 14,550 25,500 00 15,450 4,940 4,990 39,000 53,200 294, 300 29,000 15,800 Pepper Company $ 19,750 19,500 ve 11,850 26, 350 2011 39,400 39:40 17,000 16 18, 200 10:40 8,000 - 18,000 53,500 12,600 000 2,850 2008 52,000 52,900 392, 230 21,700 23,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 $ 0 Reg 1 Garcon Req 1 Pepper > Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income $ 0 RAC1.Garcon Rea 2 Garcon Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0