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, follows. 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. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 44,500 Other (non-inventory) assets 178,000 Total liabilities $ 51,398 K. Valley, Capital 145,033 K. Valley, withdrawals 8,000 304,380 Sales discounts 4,657 Sales returns and allowances 20,089 Cost of goods sold 117, 115 Sales salaries expense 41,700 Rent expense-Selling space 14,306 Store supplies expense 3,653 Advertising expense 25,872 Office salaries expense 38,048 Rent expense-office space 3,653 office supplies expense 1,218 Totals $ 500, 811 $ 500,811 Sales Beginning merchandise inventory was $35,912. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 130,830 2,747 6,280 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 4 Compute the company's net sales for the year. Net Sales Sales Net sales Hoord 1 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. Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased Required 1 Required 2 Required 3 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 Total selling expenses General and administrative expenses Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 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
