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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

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 $ 12,200 $ 18,250
Work in process inventory, beginning 18,200 22,800
Raw materials inventory, beginning 9,900 10,350
Rental cost on factory equipment 27,750 22,150
Direct labor 22,600 37,400
Finished goods inventory, ending 20,900 14,200
Work in process inventory, ending 23,800 20,400
Raw materials inventory, ending 7,200 9,400
Factory utilities 12,900 13,250
General and administrative expenses 34,000 49,000
Indirect labor 13,350 12,700
RepairsFactory equipment 6,380 2,350
Raw materials purchases 34,000 52,500
Selling expenses 53,200 59,500
Sales 285,270 399,600
Cash 32,000 23,200
Accounts receivable, net 14,800 23,700
  1. Prepare income statements for both Garcon Company and Pepper Company.
  2. Prepare the current assets section of the balance sheet for each company.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.

PEPPER COMPANY
Balance SheetCurrent Assets Section
December 31
Total current assets $0

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