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 $ 41,500 166,000 $ 47,933 136,056 8,000 283,860 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 4,343 18,735 109,483 38,889 13,341 3,406 24,128 35,483 3,406 1,135 $ 467,849 467,849 Beginning merchandise inventory was $33,491. 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 $ 122, 019 2,562 5,856 3,900 SUALLA Rent expense-Office space office supplies expense Totals 3,406 1,135 $.467,849 467,849 Beginning merchandise Inventory was $33,491. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases 122,010 Purchases discounts received 2,562 Purchases returns and allowances 5,856 Costs of transportation in 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 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 Hequired Required a Required Compute the company's net sales for the year Not Sales Sales 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 $ 41,500 166,000 $ 47,933 136,056 8,000 283,860 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 4,343 18,735 109,483 38,889 13,341 3,406 24,128 35,483 3,406 1,135 $ 467,849 467,849 Beginning merchandise inventory was $33,491. 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 $ 122, 019 2,562 5,856 3,900 SUALLA Rent expense-Office space office supplies expense Totals 3,406 1,135 $.467,849 467,849 Beginning merchandise Inventory was $33,491. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases 122,010 Purchases discounts received 2,562 Purchases returns and allowances 5,856 Costs of transportation in 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 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 Hequired Required a Required Compute the company's net sales for the year Not Sales Sales
