PLEASE HELP ASAP
Valley Company's adjusted trial balance 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, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 31,500 126,000 $ 36,383 106,141 8,000 215,468 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-office space office supplies expense Total 3,297 14,220 84, 041 29,518 10,127 2,586 18,314 26,933 2,5 362 $352,984 $352,954 Beginning merchandise Inventory was $25 421. 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 Cost of transportation in $200 1.945 1,445 30 Required: 1. Compute the company's net sales for the year 2. Com the commands total cost of merchandise nurchaser for the mean Beginning merchandise inventory was $25,421. Supplementary records of merchandising activities for the year ended Auc reveal the following itemized costs. Invoice cost of nerchandise purchases $92,610 Purchases discounts received 1,945 Purchases returns and allowances 4,445 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 exper general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and 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. Not Sales Sales Net salos Fliga Required 2 > as of merci reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 92,610 1,945 4,445 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 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 Required VALLEY COMPANY Income Statement For Year Ended August 31 Expense Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses
