[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,300 16,800 10,800 30,750 22,600 21,200 22,900 6,800 11,250 10,000 34,500 2,150 7,340 46,000 56,800 226,530 28,000 267,500 13,800 Pepper Company $ 16,600 22,350 13,950 24,250 43,400 14,700 21,200 9,800 15, 250 5,600 54,000 9,220 3,850 57,000 49,000 305,010 24,200 130,825 21,700 Required: 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 226,530 For Year Ended December 31, 2019 Sales $ Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses 226,530 Selling expenses General and administrative expenses Income (loss) before tax $ 226,530 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, 2019 0 Operating expenses Income (loss) before tax $ 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 Partial Balance Sheet As of December 31, 2019 Inventories: 0 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 Partial Balance Sheet As of December 31, 2019 Inventories: 0 Total current assets $ 0