CHECK FIGURES PROBLEM 7-7 Comprehensive Master Budget (LO2-CC5, 7, 11, 12; LO3 CC13, 14) Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The 12a) following data have been assembled to assist in preparation of the master budget for the first quarter: $315,000 a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following 4) February $30,800 ending cash account balances: balance: Credits Debits 48,000 Cash. 224,000 Accounts receivable 60,000 Inventory. Buildings and equipment (net) 370,000 93,000 Accounts payable 500,000 Capital shares. 109,000 Retained earnings $702,000 $702,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual)................ $280,000 400,000 January 600,000 February 300,000 200,000 March April