The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning finished
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The following data is provided for Garcon Company and Pepper Company.
Garcon Company | Pepper Company | |||||||
Beginning finished goods inventory | $ | 12,000 | $ | 16,450 | ||||
Beginning work in process inventory | 14,500 | 19,950 | ||||||
Beginning raw materials inventory | 7,250 | 9,000 | ||||||
Rental cost on factory equipment | 27,000 | 22,750 | ||||||
Direct labor | 19,000 | 35,000 | ||||||
Ending finished goods inventory | 17,650 | 13,300 | ||||||
Ending work in process inventory | 22,000 | 16,000 | ||||||
Ending raw materials inventory | 5,300 | 7,200 | ||||||
Factory utilities | 9,000 | 12,000 | ||||||
Factory supplies used | 8,200 | 3,200 | ||||||
General and administrative expenses | 21,000 | 43,000 | ||||||
Indirect labor | 1,250 | 7,660 | ||||||
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 | ||||||
Factory equipment, net | 212,500 | 115,825 | ||||||
Accounts receivable, net | 13,200 | 19,450 | ||||||
Exercise 18-9 Preparing financial statements for a manufacturer LO C4, P2
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 company.
Complete this question by entering your answers in the tabs below.
- Req 1A Garcon
- Req 1A Pepper
- Req 1B Garcon
- Req 1B Pepper
Prepare the income statement for Garcon Company.
Prepare the income statement for Pepper Company.
Prepare the current asset section of the balance sheet for Garcon Company.
Prepare the current asset section of the balance sheet for Pepper Company.
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