! Required Information [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. 13 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) 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 (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,600 15,600 10,800 34,750 22,800 21,350 22,600 7,000 14,700 9,700 28,000 1,700 6,500 35,500 56, 400 234,030 22,000 252,500 13,400 Pepper Company $ 18,250 22,500 13,050 23,500 37,400 15,800 17,200 8,200 15,000 5,500 51,000 9,520 1,850 63,500 49,900 340,010 18,200 145, 825 24,450 Required: 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. 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, 2019 0 Sales Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses Factory equipment, net Income (loss) before tax $ 0 Req 1 Pep Reg 1 Garcon Req 1 Pepper Reg 2 Garcon Reg 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2019 2 0 Operating expenses Income (loss) before tax $ 0 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 Partial Balance Sheet As of December 31, 2019 Inventories: 0 Total current assets $ 0 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Partial Balance Sheet As of December 31, 2019 Inventories: Total current assets 0 0 en