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[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company.

	Garcon Company					Pepper Company
Beginning finished goods inventory		$	14,800			$	17,800
Beginning work in process inventory			15,600				20,400
Beginning raw materials inventory (direct materials)			9,400				13,200
Rental cost on factory equipment			32,500				24,250
Direct labor			20,600				35,400
Ending finished goods inventory			18,200				15,600
Ending work in process inventory			27,400				20,600
Ending raw materials inventory			7,000				7,600
Factory utilities			13,500				16,500
Factory supplies used (indirect materials)			12,400				5,400
General and administrative expenses			23,000				56,000
Indirect labor			1,400				9,040
RepairsFactory equipment			5,060				3,000
Raw materials purchases			45,500				55,500
Selling expenses			58,400				50,800
Sales			246,030				292,510
Cash			28,000				18,200
Factory equipment, net			277,500				133,825
Accounts receivable, net			16,600				23,450

Required: 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. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 14,880 15,600 9,480 32,500 20,600 18,280 27,480 7, e80 13,500 12,400 23, eee 1,480 5,260 45,500 58,480 246,030 28,000 277,500 16,680 Pepper Company $ 17,880 20,400 13, 2ee 24,250 35,400 15,689 20,680 7,680 16,500 5,480 56,eee 9,840 3, eee 55,500 50,8ee 292, 510 18,280 133,825 23,450 Required: 1. Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 $ 246,030 399.000 (153.030) Sales Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses Income (loss) before tax S (153.030) Req 1 Garcon Req 1 Pepper > Complete this question by entering your answers in the tabs below. Reg 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2019 Sales Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses 0 Income (loss) before tax Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Partial Balance Sheet As of December 31, 2019 Cash Accounts receivable, net Inventories: Raw materials inventory Work in process inventory Finished goods inventory Total current assets S

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