Reference no: EM131017030
Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows.
Debit Credit
Merchandise inventory $36,000
Other (noninventory) assets 144,000
Total liabilities $41,580
Common stock 48,460
Retained earnings 71,141
Dividends 8,000
Sales 246,240
Sales discounts 3,767
Sales returns and allowances 16,252
Cost of goods sold 95,489
Sales salaries expense 33,735
Rent expense-Selling space 11,573
Store supplies expense 2,955
Advertising expense 20,930
Office salaries expense 30,780
Rent expense-Office space 2,955
Office supplies expense 985
Totals $407,421 $407,421
Invoice cost of merchandise purchases $ 105,840
Purchase discounts received 2,223
Purchase returns and allowances 5,080
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.
4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses
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