Problem 4-3A Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. amounts and formatting income statements C2 P4 Credit Debit 41,000 $ 25,000 10,000 94,550 otal liabilities Common stock Retained earnings Dividends 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.... Totals 8,000 225,600 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400 On August 31, 2016, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. 215 Chapter 4 Accounting for Merchandising Operations $92.000 2,000 4,500 4,600 invoice cost of merchandise purchases. Purchases discounts received Purchases returns and allowances.. Costs of transportation-in 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 Check (2) $90,100 (3) Gross proft $136 850 Net income $49,850 sold, selling expenses, and general and administrative expenses. (4) Total expenses ngle-step income statement that includes these expense categories: cost of goods sold, sell. 4. Prepare a si $161,500 ing expenses, and general and administrative expenses