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Required information [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 $ 14,400 17,600 9,200 34,250 19,000 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 18,200 23,200 7,400 12,450 25,500 15,800 6,260 45,000 59,600 271,170 32,000 13,600 Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390,730 17,200 20,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

Required information [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 $ 14,400 17,600 9,200 34,250 19,000 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 18,200 23,200 7,400 12,450 25,500 15,800 6,260 45,000 59,600 271,170 32,000 13,600 Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390,730 17,200 20,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business
Section: Chapter Questions
Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...
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Required information [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 $ 14,400 17,600 9,200 34,250 19,000 18,200 23,200 7,400 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper 12,450 25,500 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 Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured 15,800 6,260 45,000 59,600 271,170 32,000 13,600 Answer is not complete. Complete this question by entering your answers in the tabs below. ✓ $ Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390, 730 17, 200 20,700 14,400 X 125,160 X $ 390,730
Transcribed Image Text:Required information [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 $ 14,400 17,600 9,200 34,250 19,000 18,200 23,200 7,400 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper 12,450 25,500 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 Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured 15,800 6,260 45,000 59,600 271,170 32,000 13,600 Answer is not complete. Complete this question by entering your answers in the tabs below. ✓ $ Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390, 730 17, 200 20,700 14,400 X 125,160 X $ 390,730
Required information [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 $ 14,400 17,600 9,200 34,250 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garco Req 2 Garcon 19,000 18,200 23,200 7,400 12,450 25,500 15,800 6,260 45,000 59,600 X Answer is not complete. Complete this question by entering your answers in the tabs below. GARCON COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured 271,170 32,000 13,600 ✓$ Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390, 730 17,200 20,700 14,400 25,500 X $ 271,170
Transcribed Image Text:Required information [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 $ 14,400 17,600 9,200 34,250 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garco Req 2 Garcon 19,000 18,200 23,200 7,400 12,450 25,500 15,800 6,260 45,000 59,600 X Answer is not complete. Complete this question by entering your answers in the tabs below. GARCON COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured 271,170 32,000 13,600 ✓$ Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390, 730 17,200 20,700 14,400 25,500 X $ 271,170
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