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

Exercise $14-8($Algo$)$ Preparing financial statements for a manufacturer LO P$1$

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.

Finished goods inventory, beginning

Work in process inventory, beginning

Raw materials inventory, beginning

Garcon

Company $ $13,200$

Pepper Company

$ $16,000$

$17,100$

$22,500$

$8,300$

$13,500$

$31,500$

$23,050$

Direct labor

$21,000$

$41,000$

Finished goods inventory, ending

$19,10025,600$

$16,600$

Work in process inventory, ending

$21,600$

Raw materials inventory, ending

$7,000$

$9,200$

Factory utilities

$11,700$

$14,25060,000$

General and administrative expenses

$27,000$

Indirect labor

$14,800$

$13,200$

Repairs$-$Factory equipment Raw materials purchases

$6,020$

$3,650$

$35,500$

$67,500$

Selling expenses

$63,200273,300$

$46,900$

Sales

Cash

$387,560$

Accounts receivable, net

$22,000$

$21,700$

$14,600$

$22,700$

Exercise $14-8($Algo$)$ Preparing financial statements for a manufacturer LO P$1$

$1.$ 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 current asset section of the balance sheet for Pepper Company.

PEPPER COMPANY

Balance Sheet$-$Current Assets Section

December $31$