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Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit $ 30,500 122,000 $ 35, 228 10,000 93,147 8,000 208,620 Merchandise

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Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit $ 30,500 122,000 $ 35, 228 10,000 93,147 8,000 208,620 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-Belling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals 3,192 12,769 B1, 497 28,581 9,805 2,503 17,733 26,078 2. 503 834 $346,995 $346,995 On August 31, 2016. merchandise Inventory was $24.614. 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 $89, 670 1.888 4.304 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 expenso categories: cost of goods sold, selling expenses, and general and administrative expenses. Comnlete the action. h tml Dogs RUS uses the perpetual Inventory system to account for its merchandise. On May 1, It returned $50 of merchandise due to a defect. Assuming that the purchase was originally bought on credit, demonstrate the required Journal entry to record the return by selecting all of the correct actions below. (Check all that apply.) Check all that apply. Credit Merchandise Inventory $50. Credit Purchase Returns $50. Debit Merchandise Inventory $50. Credit Accounts Payable $50. Debit Cash $50 Debit Accounts Payable $50. Do you know the answer? Redoute I know it No idea

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