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Walley Companys adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Credit Debit $ 31,500 126,000 $ 36,On August 31, 2017, merchandise inventory was $25,421. Supplementary records of merchandising activities for the year ended A$ 215,460 VALLEY COMPANY Income Statement For Year Ended August 31, 2018 Sales Less: Sales discounts $ 3,297 Less: Sales retu60,545 Total selling expenses General and administrative expenses Office salaries expense Office supplies expense Rent expens

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Answer #1

Net Income = Gross Profit - Total Expenses

= $113902 - $90926 = $22976

Amount of net income was calculated incorrectly in the solution

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