80.2K

Verified Solution

Link Copied!

! 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. Garcon Company $ 12,900 14,700 9,600 27,750 19,800 17,450 22,600 7,300 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Pepper Company $ 16, 750 22,350 10,350 24,850 40,600 15,300 17,400 8,200 12,500 55,500 20:00 12,520 3,650 20 and 63,000 sad 59,500 378,530 19,700 21,450 9,900 34:24 32,500 14, 150 O 7,580 43,500 53,200 296,340 23,000 16,600 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 Sales $ 296,340 Cost of goods sold: Accounts receivable, net $ (16,600) Goods available for sale (16,600) Cost of goods sold (16,600) $ 0 Reg 1 Garcon Req 1 Pepper > Req 1 Pepper con 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 Pepper Company. PEPPER COMPANY Balance Sheet Current Assets Section December 31 Total current assets $ 0 Req 2 Garcon Reg 2 Pepper

Answer & Explanation Solved by verified expert

See Answer