Developing a Master Budget for a Merchandising Organization Assume Nordstrom prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for one of its stores (in thousands). Assets Cash Accounts receivable NORDSTROM Balance Sheet March 31 Liabilities and Stockholders' Equity $ 2,525 Merchandise purchases payable $2,400 Dividends payable 710 2,040 Inventory 3,400 Stockholders' equity 8,005 Prepaid Insurance 150 Fixtures 3,000 Total assets $11,115 Total liabilities and equity $11,115