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Credit $ Debit 36,58e 146,020 42,158 121,098 8.00 249,660 Merchandise inventory Other (noninventory) 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 3,82e 16,478 96,761 34,283 11,734 2,996 21,221 31,288 2.996 $ 412,916 $ 412,916 On August 31, 2016. merchandise Inventory was $29,456. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following Itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $ 127,310 2,254 5.151 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 4. Prepare a single-step Income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. expenses. Answer is complete but not entirely correct. Complete this questions by entering your answers in the below tabs. 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, 2017 Net sales S 229,362 Expenses Cost of goods sold S 110.849 X Selling expenses 70,154 General and administrative expenses 35,203 Total expenses 216,206 13,156 Net income OL S Answer is complete but not entirely correct. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Prepare a multiple-step income statement that begins with net sales and includes separate categories for: cost of goods sold, selling expenses, and general and administrative expenses. S 229.362 VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Sales Less: Sales discounts IS 3,820 Less: Sales returns and allowances 16.478 Merchandise inventory Cost of goods sold Gross profit Expense Selling expenses Sales salaries expense 34,203 Rent expense-Selling space 11,734 Store supplies expense 2.996 Advertising expense 21,221 20,298 209,064 110,849 98 215 70,154 Total selling expenses General and administrative expenses Office salaries expense Rent expense-Office space Office supplies expense 31, 208 2,996 999 35,203 Total general and administrative expenses Total expenses Net income 105,357 IS 13,156