Required information Use the following information for the Exercises below. (Algo) [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 Pinished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Tinished goods inventory. ending Work in process inventory, ending Raw materiale inventory, ending Factory utilities General and administrative expenses Indirect labor Repaireactory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, not Garcon Company $ 14,200 16.900 10,500 32,000 22,400 18,050 23,500 7.100 13,800 25.500 10,850 7.460 30,000 62,400 292.110 22.000 16,000 Pepper Company $ 19,300 19,800 10,500 23,950 37,000 13,500 19,600 0,200 16,500 60.000 13,600 2.700 63,500 54,400 375,370 23,200 22,200 Una Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 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. Reg 1 Garcon Req 1 Pepper Reg 2 Garcon Reg 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory beginning 0 0 Goods available for sale Less: Finished goods inventory ending Cost of goods sold Gross profit General and administrative expenses Selling expenses $ Net income Complete this question by entering your answers in the tabs below. Reg 1 Garcon Req i Pepper Reg 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured Finished goods inventory beginning 0 0 Goods available for sale Less: Finished goods inventory ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Net Income Rec 1 Garcon Ron 2 ARAD Complete this question by entering your answers in the tabs below. Req 1 Garcon Pag1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Shoot Current Assets Section December 31 Cash Accounts receivable, net Finished goods inventory Raw materials inventory Work in process inventory Total current assots Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1 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 Reg 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Shoot-Current Assets Section December 31 Cash Accounts receivable, net Finished goods inventory Raw materials inventory Work in process inventory Total current assets 0
