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 (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 $ 13,400 18,700 11,400 34,500 20,000 19,700 22,900 5,300 11,250 10,600 23,500 1,500 7,580 46,500 57,600 223,530 28,000 227,500 15,600 Pepper Company $ 19,450 23,100 12,900 23,350 40,200 13,100 18,600 9,800 17,000 3,900 54,000 8,680 2,900 53,000 57,700 325,010 17,700 121,825 24,450 Exercise 14-9 Preparing financial statements for a manufacturer LO C4, P2 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. Answer is not complete. 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 $ 223,530 113,900 109,630 Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses 23,500 57,600 Income (loss) before tax $ 28,530 X Answer is not complete. 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 $ 325,010 325,010 Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses 54,000 Selling expenses 57,700 Income (loss) before tax $ 213,310 X Answer is not complete. 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 $ 28,000 15,600 Accounts receivable, net Inventories: Raw materials inventory Work in process inventory Finished goods inventory $ 5,300 22,900 19,700 47,900 91,500 Total current assets $ X Answer is not complete. 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 17,700 24,450 Accounts receivable, net Inventories: $ Raw materials inventory Work in process inventory Finished goods inventory 9,800 18,600 13,100 41,500 83,650 Total current assets
