Required information The following information applies to the questions displayed below) Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, folows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative bit 5.42,000 168,000 48,510 137,550 287,200 Adat het Banc Merchandise inventory (ending Other (non-inventory) annet Total abilities X. Valley, Capital K. Valley, withdrawals Sales Sales discount le return and allowance Cost of goods sold sales salaris expense Rent expensellin pace itore welles expense Advertising spende ottice salaris ewpense Rent expense office space orice muppliex expense Totale 0.000 4,395 16.960 110.750 02.57 13,502 3.60 24.is 35.10 3, 441 110 5473,348 1873,340 Beginning merchandise Inventory was $33,894. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. $ 12,0 Invoice cost of chandise the Purchases discount received Purchases returns and allowances Cast of transportation 5,52 3.D Check my work 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: Required 2 Required 3 Required 4 Compute the company's net sales for the year Net Sales Sales Net sales Required 2 > 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. Cast of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases retums and allowances Costs of transportation in Total cost of merchandise purchased (Required 1 Required 3 > penis question by entering your answers in the tabs below. Required 1 Required 2 Required a Required 4 Prepare a multiple-step income statement that includes 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 Expenses Selling expenses ences Complete this question by entering your answers in the tabs below. 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 Expenses Total expenses 5 Ch The following list includes temporary accounts from the December 31 adjusted trial balance of Emko Company. Une there normal account balances to journalize closing entries. 25 po X. Eike Withdrawals Bales Bales return and allowances Baten diote Coat of good old at walaup ilti pe tellingen Administrative expenses Det 13,000 1,600 18,54 5.500 223,000 53,000 17.500 38.500 110.000 P Meer View transaction Journal entry worksheet Hint Record closing of credit balances in temporary accounts. Print References Note: Enter debits before credits General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Joumal View transaction ist 2.5 points Journal entry worksheet Book Record closing of debit balances in temporary accounts. Print References Note: Enter debits before credits General Joumal Debit Credit Date Dec 31 View transaction list Es Journal entry worksheet eBook 1 2 > Hint Record closing of income summary account. Print frences Note: Enter debits before credits Debit General Journal Data Credit Dec 31 View general Journal Clear entry Record entry Journal entry worksheet 2 3 Record closing of withdrawals account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal
