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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 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 Garcon Company $ 14,600 17,980 9,880 34,750 23, 680 19,850 22,380 5,68e 14, 180 32,080 12,ese 6,620 33,50 63,680 279, 890 27,888 14,480 Pepper Company $ 18,250 21,080 18,950 22,980 41,480 14,5ee 18,680 9, 280 13,250 45,500 14,140 3,380 60,580 58,680 374,318 22,780 19,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 S 279.000 Sales Cost of goods sold: x Selling expenses General and administrative expenses Goods available for sale XX 63.600 x 32.000 x 95.600 Cost of goods sold Gross profit Cash Accounts receivable, net Work in process inventory, ending Net income O 95,600 183.490 27,000 X 14,400 x 22.300 x $ 119.790 x Reg 1 Garcon Req 1 Pepper > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income 0 Req 1 Garcon Req 2 Garcon > Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Garcon Req 1 Pepper Reg 2 Garcon Reg 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 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0
