Valley Companys adjusted trial balance on August 31, 2017, its fiscal year-end, follows.

		Debit			Credit
Merchandise inventory		$	35,500
Other (noninventory) assets			142,000
Total liabilities					$	41,003
Common stock						10,000
Retained earnings						108,106
Dividends			8,000
Sales						242,820
Sales discounts			3,715
Sales returns and allowances			16,026
Cost of goods sold			94,217
Sales salaries expense			33,266
Rent expenseSelling space			11,413
Store supplies expense			2,914
Advertising expense			20,640
Office salaries expense			30,353
Rent expenseOffice space			2,914
Office supplies expense			971
Totals		$	401,929		$	401,929

On August 31, 2016, merchandise inventory was $28,649. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs.

Invoice cost of merchandise purchases	$	104,370
Purchases discounts received		2,192
Purchases returns and allowances		5,010
Costs of transportation-in		3,900

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.

Answer 3:

Sales		$242,820
Less: Sales returns and allowances	3,715	3,715
Less: Sales discounts
Net Sales
Expenses
Selling expenses
Total Selling expenses		0
General and administrative expenses
Total General administrative expenses		0
Total Expenses		0
Net Income

( I am stuck on this problem) and this one--

Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.

Answer 4: For Year ended August 31, 2017

Net Sales		$223,079
Expenses
Cost of Goods	$94,271
Selling Expenses
Total Expenses