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	$ 14,200	$ 19,750
Work in process inventory, beginning	18,700	19,650
Raw materials inventory, beginning	8,200	12,150
Rental cost on factory equipment	30,500	24,250
Direct labor	22,800	36,600
Finished goods inventory, ending	19,250	16,000
Work in process inventory, ending	24,100	16,200
Raw materials inventory, ending	7,900	8,800
Factory utilities	12,150	12,500
General and administrative expenses	26,500	52,000
Indirect labor	15,300	14,820
RepairsFactory equipment	6,380	3,700
Raw materials purchases	44,000	62,000
Selling expenses	51,200	54,400
Sales	272,730	380,250
Cash	28,000	17,200
Accounts receivable, net	17,000	22,700

1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

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: Selling expenses Goods available for sale 0 0 Cost of goods sold Gross profit $ 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 Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income $ 0 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 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