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Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows: Debit Credit Merchandise inventory $ 34,500 Other (noninventory) assets 138,800 Total liabilities $ 39,848 K. Valley, Capital 115,114 K. Valley, Withdrawals 8,000 Sales 235,980 Sales discounts 3,610 Sales returns and allowances 15,575 Cost of goods sold 91,673 Sales salaries expense 32,329 Rent expense-Selling space 11,091 Store supplies expense 2,832 Advertising expense 20.058 Office salaries expense 29,498 Rent expense-office space 2,832 office supplies expense Totals $990,942 $390,942 944 On August 31, 2016, merchandise inventory was $27842. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costo Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in 5101,430 2,130 4,669 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, selling expenses, and general and administrative expenses Purchases discounts received Purchases returns and allowances Costs of transportation-in 2,138 4,869 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 expe general and administrative expenses 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, an and administrative expenses. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Salos Net sales Required Required 2 > a Amazon.com: Prim. Disney+Movies Saved - Required Purchases discounts received Purchases returns and allowances Costs of transportation-in 2,130 4,869 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 ex general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and administrative expenses. Complete this questions by entering your answers in the below tabs. 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 EN VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expense Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Total expenses