Valley companies adjusted trial balance on August 31, 2017, it's fiscal year-end follows. on August 31, 2016 merchandise inventory was $26,631 supplementary records of merchandising activities for the year ended August 31, 2017 revealed the following itemized cost.

Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 33,000 132,000 $ 38,115 10,000 100,629 8,000 225, 720 Merchandise inventory Other (noninventory) assets Total liabilities Common stock 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-Ottice space office supplies expense Totals 3,454 14.898 87,857 30,924 10,609 2,709 19,186 28,215 2,709 903 $374,460 $374,464 On August 31, 2016, merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. On August 31, 2016, merchandise inventory was $26,631. 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 $97,020 2,037 4.657 3,900 Required: 1. Compute the company's net sales for the year. 2. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Complete this questions by entering your answers in the below tabs. Required 1 Required 3 Compute the company's net sales for the year. Complete this questions by entering your answers in the below tabs. Required 1 Required 3 Compute the company's net sales for the year. Net Sales Sales Net sales Required 3 > Complete this questions by entering your answers in the below tabs. Required 1 Required 3 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. VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Selling expenses Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses