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Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 1.5 points eBook Print Valley Company's adjusted trial balance on August 31, 2017,

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Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 1.5 points eBook Print Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 40,500 Other (non inventory) assets 162.000 Total liabilities $ 46,778 K. Valley, Capital 133,065 K. Valley, Withdrawals 8,000 Sales 277,020 Sales discounts 4,238 Sales returns and allowances 18,283 Cost of goods sold 106,939 Sales salaries expense 37,952 Rent expense-Selling space 13,020 Store supplies expense 3.324 Advertising expense 23.547 office salaries expense 34.628 Rent expense office space 3,324 office supplies expense 1.109 Totals $456,863 $456,863 On August 31, 2016, merchandise inventory was $32,684. 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 $119,070 2,500 5,715 3.900 Required: Saved Help Purchases discounts received Purchases returns and allowances Costs of transportation-in 5,715 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 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 Sales Net sales Required 2

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