The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
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Question:
The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
Garcon Company | Pepper Company | |
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Finished goods inventory, beginning | $ 12,000 | $ 16,450 |
Work in process inventory, beginning | 14,500 | 19,950 |
Raw materials inventory, beginning | 7,250 | 9,000 |
Rental cost on factory equipment | 27,000 | 22,750 |
Direct labor | 19,000 | 35,000 |
Finished goods inventory, ending | 17,650 | 13,300 |
Work in process inventory, ending | 22,000 | 16,000 |
Raw materials inventory, ending | 5,300 | 7,200 |
Factory utilities | 9,000 | 12,000 |
General and administrative expenses | 21,000 | 43,000 |
Indirect labor | 9,450 | 10,860 |
Repairs—Factory equipment | 4,780 | 1,500 |
Raw materials purchases | 33,000 | 52,000 |
Selling expenses | 50,000 | 46,000 |
Sales | 195,030 | 290,010 |
Cash | 20,000 | 15,700 |
Accounts receivable, net | 13,200 | 19,450 |
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.
Prepare the income statement for Garcon Company.
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Prepare the income statement for Pepper Company.
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