Required Information Use the following information for the Problems below. 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 le categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Crudit Merchandise inventory (ending) 9,000 Other (non-inventory) assets 120,000 Total liabilities $ 35,05 Common stock 62,012 Retained earnings 41,729 Dividends 8.000 Sales 212, ose Sales discounts 3,204 Sales returns and allowances 13,995 Cost of goods sold 82,768 Sales salaries expense 29,849 Rent expense-selling space 1,966 Store supplies e pense 2,544 Advertising expense 38,623 office salaries expense 26. ses Rent expense-Office space 2,546 Office supplies expense 348 Totals $352,486 $352,486 Beginning merchandise inventory was $25.017. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs, Invoice cost of merchandise purchases $ 91,140 Purchases discounts received 1,914 Purchases returns and allowances 4,325 Costs of transportation 3. Problem 4-3A (Algo) Computing merchandising amounts and formatting Income statements LO C1, P4 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, seling 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 41,729 B000 212,000 Retained earnings Dividends 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 CE Office supplies expense Yotals 3,244 13,995 12,76 29,019 9,966 2,544 18,023 26, Ses 2,544 BAR $352,486 $352, 486 Beginning merchandise inventory was $25,017. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases $ 92,140 Purchases discounts received 1,914 Purchases ceturns and allowances 4,375 Costs of transportation in 3.900 Problem 4-3A (Algo) Computing merchandising amounts and formatting Income statements LO C1, P4 Required: 1. Compute the company's net sales for the year 2 Compute the companys 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 Required 2 > 41,729 B, 212040 24 1.D 8276 Retained earnings Dividends 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 44 NG $1352 Beginning merchandise inventory was $25,017 Supplementary records of merchandising activities for the year ended August 31 reveal the following ternized costs Invoice cost oferchandise purchases Purchases discounts received purchases returns and allowances Costs of transportation in $91.140 1,914 4,375 3, Problem 4-3A (Algo) Computing merchandising amounts and formatting Income statements LO C1, P4 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 poods sold, selling expenses, and generel and administrative expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 transportationen Total cost of merchandise purchased Required information 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 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 Total general and administrative expenses Total expenses Invoice cost of Merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in 591.140 1,914 4.375 3.000 Problem 4-3A (Algo) Computing merchandising amounts and formatting Income statements LO C1, P4 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, ceiling 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 Prepare a single-step income statement that indudes these expense Categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Totales