Required information [The following information applies to the questions displayed below.) Valley Company's adjusted account balances...

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Required information [The following information applies to the questions displayed below.) 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 Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Credit Debit $ 41,000 130,400 $ 25,000 104,550 8,000 225,600 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense-Selling space 8,000 1,500 13,000 28,500 3,600 400 $ 355,150 $355,150 Complete this question by entering your answers in the tabs below. 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. Expenses VALLEY COMPANY Income Statement For Year Ended August 31 Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Beginning merchandise inventory was $25,400. 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 $ 92,000 2,000 4,500 4,600 Total expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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. 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. Sales Net sales Net Sales Complete this question by entering your answers in the tabs below. Prepare a multiple-step income statement that includes separate categories for net sales, cost and general and administrative expenses. VALLEY COMPANY Income Statement Expenses Selling expenses For Year Ended August 31 Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the year. Cost Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs transportation-in Total cost f merchandise purchased Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses f goods sold, selling expenses, Required information [The following information applies to the questions displayed below.) 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 Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Credit Debit $ 41,000 130,400 $ 25,000 104,550 8,000 225,600 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense-Selling space 8,000 1,500 13,000 28,500 3,600 400 $ 355,150 $355,150 Complete this question by entering your answers in the tabs below. 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. Expenses VALLEY COMPANY Income Statement For Year Ended August 31 Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Beginning merchandise inventory was $25,400. 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 $ 92,000 2,000 4,500 4,600 Total expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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. 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. Sales Net sales Net Sales Complete this question by entering your answers in the tabs below. Prepare a multiple-step income statement that includes separate categories for net sales, cost and general and administrative expenses. VALLEY COMPANY Income Statement Expenses Selling expenses For Year Ended August 31 Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the year. Cost Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs transportation-in Total cost f merchandise purchased Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses f goods sold, selling expenses,