line following information appies to the questions displayed below! Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows.lt 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 Debit Credit Merchandise inventory (endine) $ 32,000 other (non-inventory) assets 128,000 Total liabilities $ 36,960 Connon stock 64,560 Retained earnings 43,076 Dividends 8.000 Sales 218,880 les discounts 3,349 Sales returns and allowances 14,446 Cost of goods sold 85,312 Sales salaries expense 29,987 Rent expense-Selling Space 10,287 Store supplies expense 2,622 Advertising expense 18,605 office salaries expense 27, 360 Rent expense office space 2,627 Office Supplies expense Totals $363,476 $363.476 876 Beginning merchandise inventory was $25,824. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases 594,080 Purchases discounts received 1,976 Purchases returns and allowances Costs of transportation in 4,516 3,900 costs of transportation in 3,000 of 2 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. Rock Complete this question by entering your answers in the tabs below. rences Required: Required 2 Required Required 4 Compute the company's net sales for the year, Net Sales Sales Net sales Required 2 > dise purchased for the year 3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and ger and administrative expenses. nts eBook Complete this question by entering your answers in the tabs below. Print References 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 Purchases discounts received Purchase returns and allowances Costs of transportation in Total cost of merchandise purchased on Mode: Fill.. omework Saved Required information Required 1 Required 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 aces Expenses Selling expenses Total selling expenses n Mode: Fill... Saved mework A Required information Selling expenses Total selling expenses General and administrative expenses 5 Total general and administrative expenses Total expenses 0 Required information Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses es Total expenses
