please please answer correctly with all working and steps so that I can understand clearly thanks Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Prepare a multiple-step income statement that includes separate categories for net salesand general and administrative expenses.SalesLess: Sales discountsLess: Sales returns and allowancesNet salesCost of goods soldGross profitExpensesVALLEY COMPANYIncome StatementFor Year Ended August 31Selling expensesSales salaries expenseStore supplies expenseAdvertising expenseTotal selling expensesGeneral and administrative expensesOffice salaries expenseRent expense-Office spaceOffice supplies expenseTotal general and administrative expensesTotal expenses$4,08117,606$266,76021,687245,073103,121141,952000 Required information[The following information applies to the questions displayed below.]Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. Itcategorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, storesupplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.Adjusted Account BalancesMerchandise inventory (ending)Other (non-inventory) assetsTotal liabilitiesCommon stockRetained earningsDividendsSalesSales discountsSales returns and allowancesCost of goods soldSales salaries expenseRent expense-Selling spaceStore supplies expenseAdvertising expenseoffice salaries expenseRent expense-Office spaceoffice supplies expenseTotalsDebit$ 39,000156,000Invoice cost of merchandise purchasesPurchases discounts receivedPurchases returns and allowancesCosts of transportation-in8,0004,08117,606103,12136,54612,5383,20122,67533,3453,2011,067$ 440,381Credit$ 45,04576,07852,498266,760$ 440,381Beginning merchandise inventory was $31,473. Supplementary records of merchandising activities for the year endedAugust 31 reveal the following itemized costs.$ 114,6602,4085,5043,900

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Description: please please answer correctly with all working and steps so that I can understand clearly thanks Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administ

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Accounting

Prepare a multiple-step income statement that includes separate categories for net sales and general and administrative expenses. Sales Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses VALLEY COMPANY Income Statement For Year Ended August 31 Selling expenses Sales salaries expense Store supplies expense Advertising expense Total selling expenses General and administrative expenses Office salaries expense Rent expense-Office space Office supplies expense Total general and administrative expenses Total expenses $ 4,081 17,606 $ 266,760 21,687 245,073 103,121 141,952 0 0 0

Prepare a multiple-step income statement that includes separate categories for net sales and general and administrative expenses. Sales Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses VALLEY COMPANY Income Statement For Year Ended August 31 Selling expenses Sales salaries expense Store supplies expense Advertising expense Total selling expenses General and administrative expenses Office salaries expense Rent expense-Office space Office supplies expense Total general and administrative expenses Total expenses $ 4,081 17,606 $ 266,760 21,687 245,073 103,121 141,952 0 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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