Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 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 Dubit $ 32,500 130,000 $ 37, 538 109, 139 8.000 222,300 Merchandite inventory (endine Other noninventor) 1111 Total liabilities Valley, Capital I Valley, withdrawals Sales Sales discounts Slot rum and allowance Cost of de sold Salsalaries experts Bent pest-Selling space Store supplies spent Advertising expen office alerte pense Kantoffice space olie volies en Totals 3, 401 14,672 36,585 30, 455 10, 448 2.668 18,896 21,783 2.663 889 5368, 970 $363,970 Beginning merchandise inventory was $26.228. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Tuvoice cost of merchandise purchaser $ 95,550 Puthases discounts received 2007 Purchase return and allowances 4586 Costs of transportation in 2.900 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 Complete this question by entering your answers in the tabs below. Required 2 Required 4 Compute the company's net sales for the year Pro Beginning merchandise Inventory was $26,228. Supplementary records of merchandising activities for the year ended Augus reveal the following itemized costs. Invoice cost of merchandise purchases $ 95,650 Purchases discounts received 2,007 Purchase returns and allowances 4 586 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 general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and gen and administrative expenses. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Red Required 2 > Totals 3 368, 970 368, 970 Beginning merchandise inventory was $26.228. Supplementary records of merchandising activities for the year ended August reveal the following itemized costs. Invoice cost of merchandise purchases $ 95, 650 Purchases discounts received 2,007 Purchases returns and allowances 4, 586 Corts 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 general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and gen 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 cont of merchandise purchased Purchase discounts received Purchase returns and allowances Costs of transportation in Total cost of merchandise purchased Nant expense-selling space Store suplies expense Advertising expense office saluries opens Rent expense-Office space Office supplies expenst Totes 10.448 2,668 18.896 27, 788 2.668 889 $368,970 $368.970 Beginning merchandise Inventory was $26,228 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases $ 95,550 Purchases discounts received 2. 007 Furches returns and allowances Costs of transportation in 4.586 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required a Prepare a multiple-step income stat Required 3 des separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Beginning merchandise inventory was $26,228 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Tweedest of merchandise purchases $ 95,550 Purchases di sovunts received 2. 007 Turchases returns les 4.586 Cists of transportati 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 categones: cost of goods sold, selling expenses, and general and administrative expenses Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 Required 3 Required a Prepare a single-step income statement that includes these explose categories: cost of goods sold, selling expenses, and general and administrative expenses VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses