1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, 1/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit temes of 2/10, n/60, POB shipping point, invoice dated July 2. The merchandise had cost $533. 2 Paid $105 cash for Ereight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,700 for $2,100 cash. 9 Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, 1/60, POB destination, invoice dated July 9. 11 Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period. 19 3old merchandise that cost $300 tot Cofor $1,200 under credit terms of 2/15, n/60, POB shipping point, Invoice dated July 19. 21 Issued a $200 credit memorandum tort Co. for an allowance on goods sold on July 19. 24 Paid Leight Co the balance due, net of discount. 30 Received the balance due from Art Cotor she invoice dated July 19, nes of discount. 21 Sold merchandise that cost $5,200 to Creek Co. for $7.200 under Credit Des of 2/10, n/80, TOB shipping point invoice dated July 21. work 6 alley Company's adjusted trial balance on August 31, 2017. Its fiscal year-end, follows. Credit Debit $ 30,500 122.000 $ 35,228 10,000 93,147 0,000 208.620 Merchandise inventory Other (noninventory assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-selling space Store supplies expense divertising expense Office salaries expense Rent expense-Ottice space Office supplies expense Total 3,192 12,769 81.497 20.591 9.80s 2.502 17.732 26.079 2.502 3346,995 $146.995 On August 31, 2016, merchandise Inventory was $24.614. Supplementary records of merchandising activities for the yer August 31, 2017, reveal the following itemized costs S89.670 Teste o ot schandise purchases Purchases discounts received Puchats et and allowances Costs of transportation in 4.304 Required: 1. Compute the company's net sales for the year 2. Compute the company's total cost of merchandise purchased for the year 2. Prepare a multiple-top Income statement that includes separate categories for net sales, cost of goods sold selling op general and administrave expono 4. Prepare a single-step Income statement that includes these expense categories: cost of goods sold selling expenses, an and administrave expenses Complete this questions by entering your answers in the below tabs. Resume Resurs e Re DLL Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 30,500 122,000 5 35, 228 10,000 92.147 8,000 208,620 Merchandise inventory Other (noninventory) assets Total liabilities Common stock Betained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Ottice salaries expense Rent expense-Office space Ottice supplies expense Totals 2,192 12,769 B1. 497 28.581 9.805 2.502 17.733 26,078 2,503 824 $346,995 $346.99 On August 31, 2016, merchandise Inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. 389,670 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in Required: 1. Compute the company's net sales for the year. . 2. Compute the company's total cost of merchandise purchased for the year. 2. 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. Complete this questions by entering your answers in the below tabs. 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, 1/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit temes of 2/10, n/60, POB shipping point, invoice dated July 2. The merchandise had cost $533. 2 Paid $105 cash for Ereight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,700 for $2,100 cash. 9 Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, 1/60, POB destination, invoice dated July 9. 11 Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period. 19 3old merchandise that cost $300 tot Cofor $1,200 under credit terms of 2/15, n/60, POB shipping point, Invoice dated July 19. 21 Issued a $200 credit memorandum tort Co. for an allowance on goods sold on July 19. 24 Paid Leight Co the balance due, net of discount. 30 Received the balance due from Art Cotor she invoice dated July 19, nes of discount. 21 Sold merchandise that cost $5,200 to Creek Co. for $7.200 under Credit Des of 2/10, n/80, TOB shipping point invoice dated July 21. work 6 alley Company's adjusted trial balance on August 31, 2017. Its fiscal year-end, follows. Credit Debit $ 30,500 122.000 $ 35,228 10,000 93,147 0,000 208.620 Merchandise inventory Other (noninventory assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-selling space Store supplies expense divertising expense Office salaries expense Rent expense-Ottice space Office supplies expense Total 3,192 12,769 81.497 20.591 9.80s 2.502 17.732 26.079 2.502 3346,995 $146.995 On August 31, 2016, merchandise Inventory was $24.614. Supplementary records of merchandising activities for the yer August 31, 2017, reveal the following itemized costs S89.670 Teste o ot schandise purchases Purchases discounts received Puchats et and allowances Costs of transportation in 4.304 Required: 1. Compute the company's net sales for the year 2. Compute the company's total cost of merchandise purchased for the year 2. Prepare a multiple-top Income statement that includes separate categories for net sales, cost of goods sold selling op general and administrave expono 4. Prepare a single-step Income statement that includes these expense categories: cost of goods sold selling expenses, an and administrave expenses Complete this questions by entering your answers in the below tabs. Resume Resurs e Re DLL Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 30,500 122,000 5 35, 228 10,000 92.147 8,000 208,620 Merchandise inventory Other (noninventory) assets Total liabilities Common stock Betained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Ottice salaries expense Rent expense-Office space Ottice supplies expense Totals 2,192 12,769 B1. 497 28.581 9.805 2.502 17.733 26,078 2,503 824 $346,995 $346.99 On August 31, 2016, merchandise Inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. 389,670 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in Required: 1. Compute the company's net sales for the year. . 2. Compute the company's total cost of merchandise purchased for the year. 2. 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. Complete this questions by entering your answers in the below tabs