Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It catego

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Valley Company S Adjusted Account Balances From Its General Ledger On August 31 Its Fiscal Year End Follows It Catego 1 (130.9 KiB) Viewed 49 times

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. Credit Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Debit $ 37,500 150,000 $ 43,313 Common stock 73,612 50,479 Retained earnings. Dividends 8,000 Sales 256,500 Sales discounts 3,924 Sales returns and allowances 16,929 Cost of goods sold 99,306 Sales salaries expense 35,141 12,056 3,078 21,803 Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals 32,063 3,078 1,026 $ 423,904 $ 423,904 Beginning merchandise inventory was $30,263. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $ 110,250 Purchases discounts received. 2,315 Purchases returns and allowances 5,292 Costs of transportation-in 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. 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
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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
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, st and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 0 0 0 Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 0 0 0
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 exp general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses 0 Total expenses