Debit $ 38,500 154,000 Dividends Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Credit $ 44,468 75,256 51,825 8,000 Sales 263,340 Sales discounts 4,029 Sales returns and allowances 17,380 Cost of goods sold 101,850 Sales salaries expense 36,078 Rent expense-Selling space 12,377 Store supplies expense 3,160 Advertising expense 22,384 Office salaries expense 32,918 Rent expense-Office space 3,160 1,053 Totals $434,889 $434,889 Office supplies expense Beginning merchandise inventory was $31,070. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 113,190 2,377 5,433 3,900 ces Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Required 1 Requ Complete this question by entering your answers in the tabs b Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the ye Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased < Required 1 Requ Required information VALLEY COMANY Income State For Year Ended August 31 Expenses Selling expenses Total selling expenses General and administrative expenses < Prev 16 17 Q Search Prepare a single-step income statement that includes these expense categ general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses < Required 3 Required