valleys companys adjusted trial balance on august 31 it's fiscal year end follows. it categorizes the following accounts is selling expenses: sales selaries expense, rent expenses, - selling space, store supplies expense, and advertistinf expense.

Check my 3 expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. $.44,000 176,000 90 points Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends $ 50.020 59,229 84,308 8,000 300,960 4,605 19,863 115,842 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 14,145 3,612 25,582 37,620 3,612 1,204 $495,317 $495,317 Beginning merchandise inventory was $35,508. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice coat of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $129,360 2,717 6,209 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. Pret 3 3 Next Required a regulad 2 megurine s Required 1 Required 2 Required 3 Required 4 requires References Compute the company's net sales for the year. Net Sales Sales Net sales Required 2 > Required 1 Required 2 Required 3 Required 4 References Compute the company's total cost of merchandise purchased for the year. Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased quired 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Selling expenses Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses Check my 3 expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. $.44,000 176,000 90 points Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends $ 50.020 59,229 84,308 8,000 300,960 4,605 19,863 115,842 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 14,145 3,612 25,582 37,620 3,612 1,204 $495,317 $495,317 Beginning merchandise inventory was $35,508. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice coat of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $129,360 2,717 6,209 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. Pret 3 3 Next Required a regulad 2 megurine s Required 1 Required 2 Required 3 Required 4 requires References Compute the company's net sales for the year. Net Sales Sales Net sales Required 2 > Required 1 Required 2 Required 3 Required 4 References Compute the company's total cost of merchandise purchased for the year. Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased quired 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Selling expenses Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses