Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 30,500 1 22,000 $ 35,228 10,000 93,147 8,000 200, 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-selling space Store supplies expense Advertising expense Ottice salaries expense Rent expense-Office space Office supplies expense 2,192 13,769 81,497 28.581 9,005 2.503 17,733 26.078 2,503 034 3146,905 Totals 5346,095 On August 31, 2016. merchandiso inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice of warchandise purchas Purchases discounts received Purchases returns and allowances Come of Sansportation 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, soling expenses, and gonoral and administrave expenses 4. Prepare a single-stop income statement that includes these expense Categories: cost of goods told, selling expenses, and general and administrative expenses Complete this questions by entering your answers in the below tabs. Saved Credit Debit $ 30,500 122,000 $ 35, 228 10,000 93,147 8,000 200, 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-Selling space Store supplies expense Advertising expense Office salaries expense Bent expense-office space Office supplies expense Totals 3,192 13, 769 81,497 28,581 9,805 2,503 17,733 26,078 2,503 834 $346.905 $246,995 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 589, 670 1.03 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. Proparo a singlo-Step Income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses Complete this questions by entering your answers in the below tabs. Required: Required 2 Required 3 Required Compute the company's net sales for the year
