60.1K

Verified Solution

Link Copied!

Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company for the year ended December 31, 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 Garcon Company $ 12,000 14,500 7,250 27,000 19,000 17, 650 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 20.000 13, 200 Exercise 18-8 (Static) Preparing financial statements for a manufacturer LO P1 1. Prepare income statement for Garcon Company. 2. Prepare the current assets section of the balance sheet for Garcon Company. Req 1 Garcon Reg 2 Garcon Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale 0 Cost of goods sold Gross profit Net income Reg 1 Garcon Req 2 Garcon> Prepare the current asset section of the balance sheet TV GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0

Answer & Explanation Solved by verified expert

See Answer