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Use the following information for the Exercises below. (Algo) Skip to question [The...

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Accounting

Use the following information for the Exercises below. (Algo)

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[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 Pepper Company
Finished goods inventory, beginning $ 13,400 $ 16,150
Work in process inventory, beginning 17,900 20,700
Raw materials inventory, beginning 10,000 14,400
Rental cost on factory equipment 31,500 24,400
Direct labor 21,200 42,600
Finished goods inventory, ending 18,950 15,500
Work in process inventory, ending 27,700 21,000
Raw materials inventory, ending 6,300 7,800
Factory utilities 10,200 15,750
General and administrative expenses 25,000 54,500
Indirect labor 12,450 15,220
RepairsFactory equipment 5,060 3,650
Raw materials purchases 39,500 53,500
Selling expenses 52,400 50,200
Sales 290,130 392,650
Cash 24,000 23,700
Accounts receivable, net 13,200 23,950

Exercise 14-8 (Algo) Preparing financial statements for a manufacturer LO P1

  1. Prepare income statements for both Garcon Company and Pepper Company.
  2. Prepare the current assets section of the balance sheet for each company.

omplete 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
For Year Ended December 31
Cost of goods sold:
Goods available for sale 0
Cost of goods sold 0
$0
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