The following data is provided for Garcon Company and Pepper Company for the year ended December 31.

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 current asset section of the balance sheet for Garcon Company. repare the current asset section of the balance sheet for Pepper Company. Prepare the income statement for Pepper Company. \begin{tabular}{lrr} & Garcon & Pepper \\ Finished goods inventory, beginning & Company & \multicolumn{1}{c}{ Company } \\ Work in process inventory, beginning & $14,500 & $17,950 \\ Raw materials inventory, beginning & 16,600 & 23,250 \\ Rental cost on factory equipment & 8,200 & 12,750 \\ Direct labor & 28,000 & 25,750 \\ Finished goods inventory, ending & 22,600 & 39,000 \\ Work in process inventory, ending & 18,500 & 14,000 \\ Raw materials inventory, ending & 23,500 & 17,800 \\ Factory utilities & 5,500 & 9,000 \\ General and administrative expenses & 14,100 & 16,750 \\ Indirect labor & 33,500 & 45,000 \\ Repairs-Factory equipment & 15,000 & 11,800 \\ Raw materials purchases & 7,460 & 2,950 \\ Selling expenses & 48,000 & 69,000 \\ Sales & 57,600 & 50,800 \\ Cash & 294,390 & 383,090 \\ Accounts receivable, net & 30,000 & 22,700 \\ 22,950 \end{tabular} Prepare the income statement for Garcon Company