Solve both questions do not give solution in image 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.Finished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, ending.Work in process inventory, ending.Raw materials inventory, endingFactory utilitiesGeneral and administrative expenses.Indirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, netReq 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 PepperPrepare the income statement for Garcon Company.GARCON COMPANYIncome StatementFor Year Ended December 31SalesCost of goods sold:Finished goods inventory, beginningCost of goods manufactured1. Prepare income statements for both Garcon Company and Pepper Company.2. Prepare the current assets section of the balance sheet for each company.Goods available for saleGarconCompany$ 12,30018,7008,20034,00019,40021,20022,6006,2009,15034,50010,150Complete this question by entering your answers in the tabs below.del5,42038,50064,400294,93023,00014,400$PepperCompany$ 17,80020,10014,55026,50044,20013,40017,2009,40014,50050,00012,7401,95058,50053,200387,80012,30021,20024,45012,300

Income statement is a statement prepared by the organization to ascertain the net income (or net…

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. 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 Garcon Company $ 12,300 18,700 8,200 34,000 19,400 21,200 22,600 6,200 9,150 34,500 10,150 5,420 38,500 64,400 294,930 23,000 14,400 Pepper Company $ 17,800 20,100 14,550 26,500 44,200 13,400 17,200 9,400 14,500 50,000 12,740 1,950 58,500 53,200 387,800 21,200 24,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

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. 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 Garcon Company $ 12,300 18,700 8,200 34,000 19,400 21,200 22,600 6,200 9,150 34,500 10,150 5,420 38,500 64,400 294,930 23,000 14,400 Pepper Company $ 17,800 20,100 14,550 26,500 44,200 13,400 17,200 9,400 14,500 50,000 12,740 1,950 58,500 53,200 387,800 21,200 24,450 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...

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