A. Compute the company's net sales for the year

B Compute the company total cost of merchandise

C. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses.

d Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.

Debit Credit S 40,000 Merchandise Inventory Other (noninventory) assets Total lablities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salarles expense Rent expense-Selling space Store supplles expense Advertising expense Office salarles expense Rent expense-Office space Office supplles expense 160,000 $46,200 131,567 8,000 273,600 4,186 18,058 105,665 37,483 12,859 3,283 23,256 34,200 3,283 1,094 Totals $451,367 451,367 On August 31, 2014, merchandise Inventory was $32,280. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following Itemized costs. Involce cost of merchandise purchases Purchase discounts recelived Purchase returns and allowances Costs of transportation-In $ 117600 2,470 5,645 3,900