Valley Company\'s adjusted trial balance on August 31, 2018, its fiscal year-end
ID: 2338253 • Letter: V
Question
Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Debit 134,000 Credit $ 33,500 Other (noninventory) assets Total liabilities Common atock Retained carnings Dividends $ 38,693 10,000 102,124 8,000 229,140 Sales discounts Sales returna and allowancen Cost of goods sold Sales salaries expense Rent expensc selling space Store supplics e Advertising expense office salaries expense Rent expensc office space office 3,506 15,123 89,129 31,392 10,770 2,750 19,477 28, 643 2,750 supplies expense Totals $379,957 $379,957 On August 31, 2017, merchandise inventory was $27,035. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs. Invoice cost of merchandise purchases $98,490 Purchases discounts received Purchases returns and allowances Costs of transportation-in 2,068 4,728 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 questions by entering your answers in the below tabs. Required 1Required 2 Required 3 Required 4 Compute the company's net sales for the year Sales Net salesExplanation / Answer
3.
1 Computation of Net sales for the Year Sales $ 229,140.00 Less discount $ (3,506.00) Less:Sales returns and allowance $ (15,123.00) Net Sales $ 210,511.00Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.