Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. 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 $ 14,300 17,100 7,100 32,250 22, 200 18,500 24,100 5,900 13,800 12,700 28,000 1,950 4,700 35,500 58,400 202,530 35,000 227,500 13,800 Pepper Company $ 17,650 22,950 13,500 25,150 37,400 14,300 17,400 7,800 16,500 4,000 56,000 8,200 2,050 63,000 47,500 337,510 22,200 130,825 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. 1 r 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, 2019 Sales $ 202,530 202,530 Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses 28,000 58,400 Income (loss) before tax $ 116,130 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 Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2019 Sales Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses 0 Income (loss) before tax $ 0 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 current asset section of the balance sheet for Garcon Company. GARCON COMPANY Partial Balance Sheet As of December 31, 2019 Cash Accounts receivable, net Inventories: Raw materials inventory Work in process inventory Finished goods inventory 0 Total current assets $ 0 Req 1 Garcon Req 1 Pepper Reg 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 Accounts receivable, net Inventories: Raw materials inventory Work in process inventory Finished goods inventory 0 Total current assets $ 0
