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Problem: Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows.
Debit
Credit
Merchandise Inventory
$40,000
Other (non inventory) assets
160,000
Total liabilities
$46,200
Common Stock
53,844
Retained earnings
77,723
Dividends
8,000
Sales
273,600
Sales discount
4,186
Sales returns and allowances
18,058
Cost of goods sold
105,665
Sales salaries expense
37,483
Rent expense-selling space
12,859
Store supplies expense
3,283
Advertising expense
23,256
Office salaries expense
34,200
Rent expense-Office space
Office supplies expense
1,094
Totals
$451,367
On August 31, 2014, merchandise inventory was $32,280. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs.
Invoice cost of merchandise purchases
$117,600
Purchase discount received
2,470
Purchase returns and allowances
5,645
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 selling expenses and for general and administrative expenses.
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