wwwwwwwww 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. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 30,000 Other (noninventory) assets 120,000 Total liabilities $ 34,650 Common stock 40,383 Retained earnings 61,267 Dividends 8, eee Sales 205,200 Sales discounts 3,148 Sales returns and allowances 13,543 Cost of goods sold 80,224 Sales salaries expense 28, 112 Rent expense-Selling space 9,644 Store Supplies expense 2,462 Advertising expense 17,442 Office salaries expense 25,650 Rent expense-Office space 2,462 Office supplies expense Totals $341,500 $341,500 821 Beginning merchandise inventory was $24.210. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Beginning merchandise inventory was $24,210. 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 $88,200 1,852 4,234 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, seling 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 1 Required 2 Required 3 Required 4 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 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Ford Required 2 > 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. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 30,000 Other (noninventory) assets 120,000 Total liabilities $ 34,650 Common stock 40,383 Retained earnings 61,267 Dividends 8,800 Sales 205,200 Sales discounts 3,140 Sales returns and allowances 13,543 Cost of goods sold 80,224 Sales salaries expense 28,112 Rent expense-selling space 9,644 Store supplies expense 2,462 Advertising expense 17,442 Office salaries expense 25,650 Rent expense-Office space 2.462 office supplies expense 323 Totals 5341,500 $341,500 Beginning merchandise inventory was $24.210. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Record the entry to close the income statement accounts with credit balances Required information Journal entry worksheet
