Valley company’s adjusted trial balance on august 31, 2018, its fiscal year-end, follows. debit credit merchandise inventory $ 41,500 other (noninventory) assets 166,000 total liabilities $ 47,933 common stock 10,000 retained earnings 126,056 dividends 8,000 sales 283,860 sales discounts 4,343 sales returns and allowances 18,735 cost of goods sold 109,483 sales salaries expense 38,889 rent expense—selling space 13,341 store supplies expense 3,406 advertising expense 24,128 office salaries expense 35,483 rent expense—office space 3,406 office supplies expense 1,135 totals $ 467,849 $ 467,849 on august 31, 2017, merchandise inventory was $33,491. supplementary records of merchandising activities for the year ended august 31, 2018, reveal the following itemized costs. invoice cost of merchandise purchases $ 122,010 purchases discounts received 2,562 purchases returns and allowances 5,856 costs of transportation-in 3,900 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.

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments.suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal.supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal.prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal.insurance expensejan. 31 bal. 164 164 jan. 31 bal.wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal.wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal.truckjan. 31 bal. 17,376 17,376 jan. 31 bal.accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal.a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year.c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths