M Use the following information for the Problems below. The following information applies to the questions displayed below 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. Credit Dett 40.500 162,00 5.46,778 28,587 54,513 B. 277,020 Adjust Account ces Merchandise inventory (ending) Other (non-inventory assets Total abilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense selling space Store supolies expense Advertising expense Office salaries en Hent expense office space Office Supplies expense Totals 4.23 11,2 105,0.19 37,952 13.20 3,324 22,4 34,628 3,324 1,308 $ 456,863 5 456,153 Beginning merchandise Inventory was 532684 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 $ 119,00 2,500 5,715 3,90 Problem 4-3A (Algo) Computing merchandising amounts and formatting Income statements LO C1, P4 Required: 1. Compute the company's net sales for the year 2. Compute the companys 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 question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year Net Sales 8,000 277.620 Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expens-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-office space Office Supplies expense Totals 4,238 18,283 106,939 37,952 13,62 3, 324 23,547 344,628 3,324 1,108 5 456,863 $ 456,863 Beginning merchandise inventory was 532,684. 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 $ 119,070 2,500 5,715 3,900 Problem 4-3A (Algo) Computing merchandising amounts and formatting Income statements LO C1, P4 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 question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Required 2 > 8,000 277,620 Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaris expense Ment penselling space Store Supplies expense Advertising ponse office salarie expense hent expense ofice space office supplies expan Totalt 4,238 15,283 106,939 37,952 13,20 3,324 2,57 30,621 3,124 1,103 $ 456,863 5.456,163 Beginning merchandise inventory was $32,684 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 $ 119,00 2,50 5,715 3.900 Problem 4-3A (Algo) Computing merchandising amounts and formatting Income statements LO C1, P4 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, seling 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 question by entering your answers in the tabs below. 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 Purchases returns and allowances Costs of transportation in Total cost of merchandise purchased Required information 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 goc general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold. and administrative expenses. 22 Complete this question by entering your answers in the tabs below. Required i Required 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold. and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 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, cc general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goc and administrative expenses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods solc general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses