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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

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 Pepper Company
Beginning finished goods inventory $ 12,000 $ 16,450
Beginning work in process inventory 14,500 19,950
Beginning raw materials inventory 7,250 9,000
Rental cost on factory equipment 27,000 22,750
Direct labor 19,000 35,000
Ending finished goods inventory 17,650 13,300
Ending work in process inventory 22,000 16,000
Ending raw materials inventory 5,300 7,200
Factory utilities 9,000 12,000
Factory supplies used 8,200 3,200
General and administrative expenses 21,000 43,000
Indirect labor 1,250 7,660
RepairsFactory equipment 4,780 1,500
Raw materials purchases 33,000 52,000
Selling expenses 50,000 46,000
Sales 195,030 290,010
Cash 20,000 15,700
Factory equipment, net 212,500 115,825
Accounts receivable, net 13,200 19,450

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 1B Pepper

Prepare the income statement for Garcon Company.

Prepare the income statement for Pepper Company.

Prepare the current asset section of the balance sheet for Garcon Company.

Prepare the current asset section of the balance sheet for Pepper Company.

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