ternal_browser=0&.launchUrl=http ect Assignment 2 0 Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31. its fiscal year-end, follows. It categorizes the following accounts as selling expenses sales salaries expense, rent expense-selling space, store suppltes expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 43, See 174,00 $50,243 142,038 8,888 297.540 Merchandise inventory (ending Other noninventory) assets Total liabilities Valley, Capital Valley Withdrawals Sas Sales discounts Sales returns and allowances ost of goeds 501d les salaris expense ense-selling space Sales Expense Advertise Office penis expense office space Opera To 1,552 19,638 111 163 39 19 21 Beginning merchand se inventory was $35.105 Supplementary records of merchandising activities for the year ended Alust 31 the following itemized costs Beginning merchandise inventory was $35,105. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. $127,890 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Lests of transportation in 6,19 3,000 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. Prepore 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. 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 Neesales Required 2 Complete this question by entering your answers in the tabs Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchase discounts received Purchase returns and allowances Costs of transportation-in Total cost of merchandise purchased Complete this question by entering your answers in the tabs below. Required i Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses