Required information Use the following information for the Exercises below. (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 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 General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company 12,500 18,700 7,500 29,500 20,400 17,150 22,300 6,700 12,300 12,700 28,000 1,200 7,940 37,500 56,800 226,530 29,000 287,500 16,400 Pepper Company $ 18, 250 21,300 12,450 23,650 41,800 15,900 22,000 9,400 13,250 3,600 60,000 7,960 2,700 55,000 55,900 342,510 21,200 142,825 22,450 Exercise 18-9 Preparing financial statements for a manufacturer LO C4, P2 Exercise 18-9 Preparing financial statements for a manufacturer LO C4, P2 Required: 1-a. Prepare income statements for both Garcon Company and Pepper Company 1-b. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 18 Pepper Prepare the income statement for Garcon Company. 226,530 GARCON COMPANY Income Statement For Year Ended December 31, 2017 Sales $ Less: Cost of goods sold Gross profit Operating expenses Selling expenses General and administrative expenses 226,530 56,800 28,000 Income (loss) before tax $ 141,730 Required: 1-a. Prepare income statements for both Garcon Company and Pepper Company. 1-b. Prepare the current assets section of the balance sheet for each company Complete this question by entering your answers in the tabs below. Book Hint Req 1A Garcon Req 1A Pepper Req 18 Garcon Reg 1B Pepper Print Prepare the income statement for Pepper Company. 342,510 PEPPER COMPANY Income Statement For Year Ended December 31, 2017 Sales $ Less: Cost of goods sold Gross profit Operating expenses Selling expenses General and administrative expenses 342,510 55,900 60,000 Income (loss) before tax $ 226,610 0 1 UUICUIT Company and Pepper Company. "U. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1A Garcon Req 1A Pepper Req 18 darcon Req 1B Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Partial Balance Sheet As of December 31, 2017 Cash Accounts receivable, net Inventories: Raw materials inventory Work in process inventory Finished goods inventory 29,000 16,400 Next company. Complete this question by entering your answers in the tabs below. Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 18 Pepper Prepare the current asset section of the balance sheet for Pepper Company PEPPER COMPANY ES: Partial Balance Sheet As of December 31, 2017 Cash Accounts receivable, net Inventories: Raw materials inventory Work in process inventory Finished goods inventory
