This document provides accounting information for Valley Company for the year ended August 31, including beginning inventory, various expense accounts, and supplementary merchandising information. It asks to compute net sales and cost of goods purchased for the year, prepare multiple-step and single-step income statements, and record closing entries. Specifically, it provides account balances, categories selling and G&A expenses, and itemized costs to use to address the required questions and entries.

1. 5/2+3 (linked together)
Please answer all parts of the 2-part question clearly - Thank you!
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. It categorizes the following accounts as selling expenses: sales salaries expense, rent
expenseselling space, store supplies expense, and advertising expense. It categorizes the
remaining expenses as general and administrative. Beginning merchandise inventory was $33,491
. Supplementary records of merchandising activities for the year ended August 31 reveal the
following itemized costs. 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 question by entering your answers in the tabs below.
Compute the company's net sales for the year.Compute the company's 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.Required: Prepare closing
entries as of August 31 (the perpetual inventory system is used). Journal entry worksheet Record
the entry to close the income statement accounts with credit balances. Note: Enter debits before
credits.View transaction list 1 Record the entry to close the income statement accounts with credit
balances. begin{tabular}{|l|l|} hline 2 Record the entry to close the income statement accounts with
debit balances. hline 3 Record the entry to close income summary. hline 4 Record the entry to
close the Withdrawals account. hline & hline Note : hline end{tabular} Record entry View general
journal Clear entry