This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts.

Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of 2012, accounts receivable were presented in the company's statement of financial position as follows:

This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the "S" sign in your response.) Cost of Goods Sold Ending Inventory 35,200 Profit or (Loss) Beginning Inventory 76,000 73,000 170,000 Net Purchases 104,000 290,000 Gross Profit 155,200 Expenses 72,000 a. Net Sales 300,000 570,000 630,000 820,000 b 20,000 264,000 441,000 c d. 11 190,000 135,000 220,000 150,000 260,000 450,000 189,000 234,000 130,000 e. 156,000 350.000 (15,000) Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of 2012, accounts receivable were presented in the company's statement of financial position as follows: Accounts receivable from clients Less: Allowance for Impairment $ 3,100,000 80,000 During 2013, S185,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $17,000 were subsequently collected. At the end of 2013, an aging of accounts receivable indicated a need for a $248,000 allowance to cover possible failure to collect the accounts currently outstanding. Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end. 1. One entry to summarize all accounts written off against the Allowance for Impairment during 2013. 2.Entries to record the $17,000 in accounts receivable that were subsequently collected. 3. The adjusting entry required at December 31, 2013, to increase the Allowance for Impairment to $248,000. a. Prepare the above general journal entries: (Omit the "$" sign in your response.) General Journal Debit Credit Date 2013 Var* (Click to select) (Click to select) Var* (Click to select) (Click to select) 1111 Var (Click to select) (Click to select) IIII Dec 31 (Click to select) (Click to select)