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[The following information applies to the questions displayed below.] Valley Company's adjusted account...

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Accounting

[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. 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.
\table[[Adjusted Account Balances,Debit,Credit],[Merchandise inventory (ending),$39,000,],[Other (non-inventory) assets,156,000,],[Total liabilities,,$45,045
Required:
Compute the companys net sales for the year.
Compute the companys total cost of merchandise purchased for the year.
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 single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.
Prepare closing entries as of August 31(the perpetual inventory system is used).
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