The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Garcon Company $ 13,100 Pepper Company $ 18,400 17,100 20,700 8,700 11,850 31,000 25,750 Direct labor 19,000 43,000 Finished goods inventory, ending 21,950 15,800 Work in process inventory, ending 23,200 17,200 Raw materials inventory, ending 7,800 9,600 Factory utilities 10,800 16,250 General and administrative expenses 35,000 55,000 Indirect labor 10,950 12,500 Repairs-Factory equipment 6,380 4,000 Raw materials purchases 40,000 54,000 Selling expenses 60,000 55,300 Sales 286,800 399,990 Cash 28,000 21,200 Accounts receivable, net 14,600 20,200 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 Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold 0 0 0 Rea 1 Penner Finished goods inventory, beginning work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Garcon Company $ 13,100 17,100 Pepper Company $ 18,400 20,700 8,700 11,850 31,000 25,750 Direct labor 19,000 43,000 Finished goods inventory, ending 21,950 15,800 Work in process inventory, ending 23,200 17,200 Raw materials inventory, ending 7,800 9,600 Factory utilities 10,800 16,250 General and administrative expenses 35,000 55,000 Indirect labor 10,950 12,500 Repairs-Factory equipment 6,380 4,000 Raw materials purchases 40,000 54,000 Selling expenses 60,000 55,300 Sales 286,800 399,990 Cash 28,000 21,200 Accounts receivable, net 14,600 20,200 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 Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Cost of goods sold: Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income 0 0 $ 0 Finished goods inventory, beginning work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 13,100 17,100 Pepper Company $ 18,400 20,700 8,700 11,850 31,000 25,750 19,000 43,000 Finished goods inventory, ending 21,950 15,800 work in process inventory, ending 23,200 17,200 Raw materials inventory, ending 7,800 9,600 Factory utilities 10,800 16,250 General and administrative expenses 35,000 55,000 Indirect labor 10,950 12,500 Repairs-Factory equipment 6,380 4,000 Raw materials purchases 40,000 54,000 selling expenses 60,000 55,300 Sales 286,800 399,990 Cash 28,000 21,200 Accounts receivable, net 14,600 20,200 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 Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0 Finished goods inventory, beginning work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 13,100 17,100 Pepper Company $ 18,400 20,700 8,700 11,850 31,000 25,750 19,000 43,000 Finished goods inventory, ending 21,950 15,800 work in process inventory, ending 23,200 17,200 Raw materials inventory, ending 7,800 9,600 Factory utilities 10,800 16,250 General and administrative expenses 35,000 55,000 Indirect labor 10,950 12,500 Repairs-Factory equipment 6,380 4,000 Raw materials purchases 40,000 54,000 Selling expenses 60,000 55,300 Sales 286,800 399,990 Cash 28,000 21,200 Accounts receivable, net 14,600 20,200 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 Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet Current Assets Section December 31 Total current assets $ 0 < Req 2 Garcon Req 2 Pepper >