Compute the company's net sales for the year. Compute the company's total cost of merchandise purchased for the year prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. prepare a single-step income statement that includes these expense categories. cost of goods void selling expenses and general and administrative expenses. Use the data for Valley Company in Problem 5-4 A complete the following requirements. Prepare closing entries as of august 31, 2013 the perpetual inventory system is used. The company makes all purchases on credit, and its suppliers uniformly offer a 3% sales discount. Does it appear that the company's cash management system is accomplishing the goal of taking all available discounts? Explain. In prior years, the company experienced a 4% returns and allowance rate on its sales which means approximately 4% of its gross sales were eventually returned outright or caused the company to grant allowances to customers. How do this year's results compare to prior years' results? Compute the company's net sales for the year. Compute the company's total cost of merchandise purchased for the year prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. prepare a single-step income statement that includes these expense categories. cost of goods void selling expenses and general and administrative expenses. Use the data for Valley Company in Problem 5-4 A complete the following requirements. Prepare closing entries as of august 31, 2013 the perpetual inventory system is used. The company makes all purchases on credit, and its suppliers uniformly offer a 3% sales discount. Does it appear that the company's cash management system is accomplishing the goal of taking all available discounts? Explain. In prior years, the company experienced a 4% returns and allowance rate on its sales which means approximately 4% of its gross sales were eventually returned outright or caused the company to grant allowances to customers. How do this year's results compare to prior years' results