1. Business
  2. Accounting
  3. required information the following information applies to the questions displayed...

Question: required information the following information applies to the questions displayed...

Question details

Required information [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 Rental cost on factory equipment Direct labor Ending finished goods invento Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 8,200 21,000 1,250 4,780 33,000 50,000 195,030 20,000 212,500 13,200 Pepper Company 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 3,200 43,000 7,660 1,500 52,000 46,000 290,010 15,700 115, 82!5 19,450 Required 1-a. Prepare income statements for both Garcon Company and Pepper Company 1-b. Prepare the current assets section of the balance sheet for each companyPrepare the income statement for Garcon Company GARCON COMPANY Income Statement For Year Ended December 31. 2017 Sales Less: Cost of Goods Sold Gross profit Operating expenses $ 195,030 195,030 Selling expenses General and administrative expenses Income (loss) before tax $195,030 Req 1A Garcon Req 1A Pepper>Req 1A Garcon Req 1A Pepper:Req 1B Garcon Req 1B Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2017 Operating expenses Income before ta>x 0 KReq 1A Garcon Req 1B Garcon>Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper Prepare the current asset section of the balance sheet for Garcon Compan GARCON COMPANY Partial Balance Sheet As of December 31, 2017 Inventories: Total current assets K Req 1A Pepper Req 1B Pepper>Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Partial Balance Sheet As of December 31, 2017 Inventories Total current assets 0 < Req 1B Garcon Req 1B Pepper

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution