Merchandising Operations 3.

Required information [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. Beginning merchandise inventory was $31,877. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Pequired: . 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 net sales, cost of goods sold, selling expenses, and eneral and administrative expenses. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general nd administrative expenses. Complete this question by entering your answers in the tabs below. Compute the company's net sales for the year. Net Sales Options - Add: Sales discounts - Add: Sales returns and allowances - Less: Sales discounts Compute the company's total cost of merchandise purchased for the year. Prepare a multiple-step income statement that includes separate categories for net sales, cos and nenoral and arminictrative aynences Prepare a multiple-step income statement that includes separate categories for net sales, cost and general and administrative expenses. Prepare a multiple-step income statement that includes separate categories for net sales, ond annaml and ndminirtmitira avmannan OTHER OPTIONS Advertising expense - Common stock - Cost of goods sold - Dividends - Merchandise inventory - Office salaries expense - Office supplies expense - Other (noninventory) assets - Rent expense-Office space - Rent expense-Selling space - Retained earnings - Sales - Sales salaries expense - Store supplies expense - Total liabilities Prepare a multiple-step income statement that includes separate categories for net sales, and neneral and administrative exnenses. EXPENSES OPTIONS| - Common stock - Cost of goods sold - Dividends - General and administrative expenses - Merchandise inventory - Net sales - Other (noninventory) assets - Retained earnings - Selling expenses - Total liabilities Prepare a single-step income statement that includes these expense categories: cost of goo general and administrative expenses