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. Credit Debit $ 41,000 164,000 $ 47,355 134,560 8,000 280,440 Merchandise inventory 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 Totals 4,291 18,509 108,210 38,420 13,181 3.365 23,837 35,055 3,365 1,122 $462,355 $462,355 On August 31, 2016, merchandise inventory was $33,087 Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $120.540 2,531 5,786 3.000 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. pter 5 - Part 3 Prepare a multiple-step income statement that begins with net sales and includes separate categories for: cost of goods sold, selling expenses, and general and administrative expenses. 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, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Total expenses