on.com Favorites Debit Credit Merchandise inventory (ending) $ 39,500 Other (noninventory) assets 158,000 Total liabilities $ 45,623 K. Valley, Capital 130,073 K. Valley, Withdrawals 8,000 Sales 270,180 Sales discounts 4,134 Sales returns and allowances 17,832 Cost of 104,394 Sales salaries expense 37,015 Rent expense-Selling space 12,698 Store supplies expense Advertising expense 22,965 Office salaries expense 33,773 Rent expense-Office space 3,242 Office supplies expense 1,081 Totals 5445,876 5445,876 goods sold 2.23 Beginning merchandise inventory was $31,877. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $116,130 Purchases discounts received 2,439 Purchases returns and allowances 5.574 Costs of transportation-in 3,900 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, seling expenses, and general and administrative expenses 1 6 7 8 9 W E R T Y - O P S D F G H J K L V N M option Tek Time Pt.5 by Kids Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of merchandise purchased for the yea 3. Prepare a multiple-step income statement that includes separate catego general and administrative expenses. 4. Prepare a single-step income statement that includes these expense cate 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 Required 2 esc $ 2 3 4 5 6. 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 n general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: 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 Purchase discounts received Purchase returns and allowances Costs of transportation in Total cost of merchandise purchased S 2 3 4 5 6 & 7 8 Q W E R T Y A S Connect Tek Time Pt.5 by Kildflash. 4 VALLEY COMPANY Income Statement For Year Ended August 31 0 0 0 Expense Selling expenses Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total expenses 0 0 esc # 2 3 4 5 6 7 general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses 0