0 Required information Use the following information for the Problems below. [The following information applies to the questions displayed below) Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It Categorzes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative, Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 35,500 Other (non-Inventory) assets 142,000 Total liabilities $ 41,000 Common stock 70,310 Retained earnings 47,787 Dividends 0.000 Sales 242,820 Sales discounts 3,715 Sales returns and allowances 16,026 Cost of goods sold 94,217 Sales salaries expense 33.266 Rent expense-Selline space 11,413 Store supplies expense 2.914 Advertising expense 20,640 office salaries expense 30,353 Rent expense-Office space 2,914 Office supplies expense 921 Totals 5.401.929 $.401,929 ces Beginning merchandise inventory was $28,649. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Twoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $104,370 2.192 5,030 3.900 Problem 4-3A (Algo) Computing merchandising amounts and formatting income statements LO C1, P4 Required: 1. Compute the company's net sales for the year 2. Compute the company's total cost of merchandise purchased for the year Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. hces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales A Net sales Ceduled Required 2 > Required 3 Required 4 Required Required 1 Compute the company's total cost of merchandise purchased for the year. Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased Required 3 > Required 1 Required 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Selling expenses w Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 ok Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 ces Expenses Total expenses