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URGENT!

1. Using only Income Statement accounts/amounts from the textbox, prepare, in proper accounting format, a Multi-Step Income Statement, including Selling Expenses and General & Administrative Expenses as expense categories.
2. Calculate the Gross Profit Percentage to two decimal places.

Note: You will not tie out to the check figures posted in the problem.

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 $25,400. 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. Problem 5-3A Computing merchandising amounts and formatting income statements C1 P4 Check (2) 390,100 bircioss prode 3130850 . Nut niconte s49.850 (4) Totan echeries $161500

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