Chapter 04 Homework A Saved 14 Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows Credit Debit $ 39,500 158,000 points $ 45,623 10,000 120,073 Skipped 8,000 270, 180 eBook 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 Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals 4,134 17,832 104,394 37,015 12,698 3,242 22,965 33,773 3,242 1,081 $445,876 Print References $445,876 On August 31, 2017, merchandise inventory was $31,877. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $116,130 2,439 5,574 3,900 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 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 1 Required 2 Required 3 Required 4 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 1 Required 3 > Complete this questions by entering your answers in the below tabs. 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. NY VALLEY COMPANY Income Statement For Year Ended August 31, 2018 Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 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, 2018 Expenses Total expenses Required 3 Required 4 >