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 16,800 11,600 30,500 23,400 20,450 26,800 5,700 10,500 9,100 25,000 1,950 6,860 40,500 56,400 240,030 27,000 272,500 14,400 Pepper Company $ 18,400 20,700 14,400 23,500 38,600 15,600 19,200 7,200 15,000 3,900 58,000 8,920 3,050 53,000 53,800 305,010 17,700 160,825 20,450 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. 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 Operating expenses Income (loss) before tax 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 16,800 11,600 30,500 23,400 ,450 26,800 5,700 10,500 9,100 25,000 1,950 6,860 40,500 56,400 240,030 27,000 272,500 14,400 Pepper Company $ 18,400 20,700 14,400 23,500 38,600 15,600 19,200 7,200 15,000 3,900 58,000 8,920 3,050 53,000 53,800 305,010 17,700 160,825 20,450 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. 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 Operating expenses Income (loss) before tax Required information (The following information applies to the questions displayed below. The following data is provided for Garcon Company and Pepper Company. Garcon Company $ 14,300 16,800 11,600 30,500 23,400 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 20,450 26,800 5,700 10,500 9,100 25,000 1,950 6,860 40,500 56,400 240,030 27,000 272,500 14,400 Pepper Company $ 18,400 20,700 14,400 23,500 38,600 15,600 19,200 7,200 15,000 3,900 58,000 8,920 3,050 53,000 53,800 305,010 17,700 160,825 20,450 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. 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 Inventories: Total current assets 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 16,800 11,600 30,500 23,400 20,450 26,800 5,700 10,500 9,100 25,000 1,950 6,860 Pepper Company $ 18,400 20,700 14,400 23,500 38,600 15,600 19,200 7,200 15,000 3,900 58,000 8,920 3,050 53,000 53,800 305,010 17,700 160,825 20,450 40,500 56,400 240,030 27,000 272,500 14,400 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 Pepper Company. PEPPER COMPANY Partial Balance Sheet As of December 31, 2019 Inventories: Total current assets