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

$[$The following information applies to the questions displayed below.$]$

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

Prepare income statements for both Garcon Company and Pepper Company.

Prepare the current assets section of the balance sheet for each company.

Complete this question by entering your answers in the tabs below.

Prepare the income statement for Garcon Company.

Garcon Company Pepper Company

Finished goods inventory, beginning $ $14,600$ $ $17,800$

Work in process inventory, beginning $17,60021,000$

Raw materials inventory, beginning $8,5009,600$

Rental cost on factory equipment $33,75026,800$

Direct labor $21,80041,400$

Finished goods inventory, ending $21,80015,900$

Work in process inventory, ending $27,10022,000$

Raw materials inventory, ending $5,7008,600$

Factory utilities $12,15015,250$

General and administrative expenses $33,00045,500$

Indirect labor $14,65012,920$

Repairs$$Factory equipment $5,5403,050$

Raw materials purchases $45,00052,000$

Selling expenses $55,20051,700$

Sales $295,020381,510$

Cash $31,00023,700$

Accounts receivable, net $13,60022,700$

Prepare income statements for both Garcon Company and Pepper Company.

Prepare the current assets section of the balance sheet for each company.