Help SaveExit Submit Check my work 8 Problem 53A Computing m

Help Save&Exit; Submit Check my work 8 Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 15 Valley Company\'s adjusted trial balance on August 31, 2017, its fiscal year end. follows. Debit Credit Merchandise inventory$48,888 Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances 16e,eee s 46,288 131,567 Pnm 8,eee 4,186 18,858 185 665 273,688

Solution

Requirement 1:

Requirement 2:

Requirement 3:

Multiple step income statement:

Single step income statement

Sales	273600
Sales discounts	-4186
Sales returns and allowaces	-18058
Net sales	251356