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 Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 12,300 18,700 $ 17,800 20,100 8,200 14,550 34,000 26,500 19,400 44,200 Finished goods inventory, ending 21,200 13,400 Work in process inventory, ending 22,600 17,200 Raw materials inventory, ending 6,200 9,400 Factory utilities 9,150. 14,500 General and administrative expenses 34,500 50,000 Indirect labor 10,150 12,740 Repairs-Factory equipment 5,420 1,950 Raw materials purchases 38,500 58,500 Selling expenses Sales 64,400 53,200 294,930 387,800 Cash Accounts receivable, net 23,000 21,200 14,400 24,450 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 Sales Cost of goods sold: Income Statement For Year Ended December 31 Finished goods inventory, beginning Cost of goods manufactured Goods available for sale P $ 12,300 12,300 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 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income $ 12,300 12,300 12,300 $ ces 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 Cost of goods sold: Goods available for sale Cost of goods sold 0 0 Net income $ 0 ed Exercises ces Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment 10,00 20,100 8,200 14,550 34,000 26,500 Direct labor 19,400 44,200 Finished goods inventory, ending 21,200 13,400 Work in process inventory, ending 22,600 17,200 Raw materials inventory, ending. 6,200 9,400 Factory utilities 9,150 14,500 General and administrative expenses 34,500 50,000 Indirect labor 10,150 12,740 Repairs-Factory equipment 5,420 1,950 Raw materials purchases 38,500 58,500 Selling expenses 64,400 53,200 Sales 294,930 387,800 Cash 23,000 21,200 Accounts receivable, net 14,400 24,450 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 current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ Saved Exercises work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment 18,700 20,100 8,2001 14,550 34,000 26,500 Direct labor 19,400 44,200 Finished goods inventory, ending 21,200 13,400 Work in process inventory, ending 22,600 17,200 Raw materials inventory, ending 6,200 9,400) Factory utilities 9,150 14,500 General and administrative expenses 34,500 50,000 Indirect labor 10,150 12,740 Repairs-Factory equipment 5,420 1,950 Raw materials purchases 38,500 58,500 Selling expenses 64,400 53,200 Sales 294,930 387,800 Cash Accounts receivable, net 23,000 21,200 14,400 24,450 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 current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets S