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. Garcon Company $ 12,700 Pepper Company $ 17,950 17,200 20,700 11,500 12, 150 31,750 24,000 20,900 23,650 39,000 13,400 22,900 19,800 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 5,400 14,700 11,800 30,000 1,500 5,180 40,000 50,000 217,530 27,000 222,500 16,800 7,200 14,500 3,400 50,500 9, 280 1,950 54,000 53,200 297,510 18,700 163,825 20,700 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. Req 1A Req 1A Req 1B Req 1B Garcon Pepper Garcon Pepper Prepare the income statement for Garcon Con GARCON COMPANY Income Statement For Year Ended December 31, 2017 Sales $ 217,530 Less: Cost of goods sold 217,530 Operating expenses Income (loss) before tax $ 217,530 Req 1A Req 1A Req 1B Req 1B Garcon Pepper Garcon Pepper Prepare the income statement for Pepper Compa PEPPER COMPANY Income Statement For Year Ended December 31, 2017 0 Operating expenses Income (loss) before tax $ 0 Req 1A Req 1A Req 1B Req 1B Garcon Pepper Garcon Pepper Prepare the current asset section of the balance sheet GARCON COMPANY Partial Balance Sheet As of December 31, 2017 Inventories: 0 0 Total current assets $ Req 1A Req 1A Reg 1B Req 1B Garcon Pepper Garcon Pepper Prepare the current asset section of the balance sheet for PEPPER COMPANY Partial Balance Sheet As of December 31, 2017 Inventories: 0 0 Total current assets $