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Required information Use the following information for the Exercises below. (Algo) Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the
Required information
Use the following information for the Exercises below. (Algo)
- Req 1 Garcon
- Req 1 Pepper
- Req 2 Garcon
- Req 2 Pepper
Prepare the current asset section of the balance sheet for Garcon Company.
PEPPER COMPANYBalance SheetCurrent Assets SectionDecember 31Total current assets$0
[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.
Garcon Company | Pepper Company | |
---|---|---|
Finished goods inventory, beginning | $ 13,400 | $ 16,150 |
Work in process inventory, beginning | 17,900 | 20,700 |
Raw materials inventory, beginning | 10,000 | 14,400 |
Rental cost on factory equipment | 31,500 | 24,400 |
Direct labor | 21,200 | 42,600 |
Finished goods inventory, ending | 18,950 | 15,500 |
Work in process inventory, ending | 27,700 | 21,000 |
Raw materials inventory, ending | 6,300 | 7,800 |
Factory utilities | 10,200 | 15,750 |
General and administrative expenses | 25,000 | 54,500 |
Indirect labor | 12,450 | 15,220 |
RepairsFactory equipment | 5,060 | 3,650 |
Raw materials purchases | 39,500 | 53,500 |
Selling expenses | 52,400 | 50,200 |
Sales | 290,130 | 392,650 |
Cash | 24,000 | 23,700 |
Accounts receivable, net | 13,200 | 23,950 |
Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1
- Prepare income statements for both Garcon Company and Pepper Company.
- Prepare the current assets section of the balance sheet for each company.
- Req 1 Garcon
- Req 1 Pepper
- Req 2 Garcon
- Req 2 Pepper
Prepare the income statement for Garcon Company.
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