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. It categorizes the remaining expenses as general and administrative. Credit Debit $ 43, eee 172,000 $ 49,665 148,542 8, eee 294, 120 Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals 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 4,500 19,412 113,298 40, 294 13,824 3,529 25,000 36,765 3,529 1,176 $ 484,327 $ 484,327 Beginning merchandise Inventory was $34,701. 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 $ 126,420 2,655 6,868 3,900 Problem 5-3A (Algo) Computing merchandising amounts and formatting income statements LO C1, P4 Required: . 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. 1. 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 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 0 0 0 Expenses Selling expenses 0 Total selling expenses General and administrative expenses Total general and administrative expenses 0 Total expenses 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. It categorizes the remaining expenses as general and administrative. Credit Debit $ 43,000 172,000 $ 49,665 148,542 8,000 294, 120 Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals 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 4,500 19,412 113,298 40,294 13,824 3,529 25, eee 36,765 3,529 1,176 $ 484,327 $ 484,327 Beginning merchandise Inventory was $34.701. 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 $ 126,420 2,655 6,268 3,980 Problem 5-3A (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, 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 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 0