Problem 4-3A Computing merchandising amounts and formatting Income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows Debit Credit Merchandise $ 43,500 inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances 174,000 $ 50,243 10,000 132,038 8,000 4,552 19,638 114,570 40,763 13,984 3,570 297,540 Cost of goods sold Sales salaries expense Rent expense- Selling space Store supplies expense Advertising expense 25,291 Office salaries expense Rent expense-office pace Office supplies expense Totals 37,193 3,570 1,190 $489,821 $489,821