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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.
Beginning merchandise inventory was $25,400. Supplementary records
of merchandising activities for the year ended August 31 reveal the
following itemized costs.
Problem 4-3A (Static) Computing merchandising amounts and
formatting income statements LO C1, P4
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.