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Item 3

Item 3 3.33 points Item Skipped

Valley Companys adjusted trial balance on August 31, 2017, its fiscal year-end, follows.

		Debit			Credit
Merchandise inventory		$	37,500
Other (noninventory) assets			150,000
Total liabilities					$	43,313
Common stock						10,000
Retained earnings						114,091
Dividends			8,000
Sales						256,500
Sales discounts			3,924
Sales returns and allowances			16,929
Cost of goods sold			99,306
Sales salaries expense			35,141
Rent expenseSelling space			12,056
Store supplies expense			3,078
Advertising expense			21,803
Office salaries expense			32,063
Rent expenseOffice space			3,078
Office supplies expense			1,026
Totals		$	423,904		$	423,904

On August 31, 2016, merchandise inventory was $30,263. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs.

Invoice cost of merchandise purchases	$	110,250
Purchases discounts received		2,315
Purchases returns and allowances		5,292
Costs of transportation-in		3,900

Required:

1. Compute the companys net sales for the year. 2. Compute the companys 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.

Complete this questions by entering your answers in the below tabs. Required 1 Required 3 Required 2 Required 4 Compute the company's net sales for the year Net Sales Sales Net sales Complete this questions by entering your answers in the below tabs. Required 2 Required 3 Required 4 Required 1 Compute the company's total cost of merchandise purchased for the year. Cost of merchandise purchased Invoice cost of merchandise purchased Purchase discounts received Purchase returns and allowances Costs of transportation-in Total cost of merchandise purchased Required 4 Required 1 Required 2 Required 3 Prepare a multiple-step income statement that begins with net sales and includes separate selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31, 2017 0 0 Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 0 > Required 2 Required 4 Complete this questions by entering your answers in the below tabs. Required 2 Required 1 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, general and administrative expenses VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Total expenses 0 KRequired 3 Required 4 >