! Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Company $ 12,900 17,200 9,800 29,000 24,000 18,350 23,200 6,800 15,000 12,700 Pepper Company $ 16,900 21,150 10,350 24,400 38,600 13,400 21,200 8, 200 13,750 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 naterials 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 3,400 31,500 1,550 5,180 40,500 64,800 234,030 29,000 257,500 14,400 48,000 7,780 1,850 61,500 57,700 317,510 20, 200 145,825 20, 200 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. 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 Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Sales $ 234,030 119,480 114,550 Less: Cost of goods sold Gross profit Operating expenses Selling expenses General and administrative expenses 64,800 31,500 Income (loss) before tax $ 18,250 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, 2019 $ 317,510 156,880 160,630 Sales Less: Cost of goods sold Gross profit Operating expenses Selling expenses General and administrative expenses 57,700 48,000 Income (loss) before tax $ 54,930 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 Partial Balance Sheet As of December 31, 2019 Cash $ 29,000 Accounts receivable, net 14,400 $ Inventories: Finished goods inventory Work in process inventory Raw materials inventory 18,350 23,200 6,800 48,350 Total current assets $ 91,750 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 Pepper Company. PEPPER COMPANY Partial Balance Sheet As of December 31, 2019 Cash $ 20,200 20,200 Accounts receivable, net Inventories: Finished goods inventory Work in process inventory Raw materials inventory $ 13,400 21,200 8,200 42,800 Total current assets $ 83,200
