Hillyard Company, an office supplies specialty store, gathered the following information to prepare its master budget for the first quarter of the year:

a$.$ As of December $31($the end of the prior quarter$),$ the company's general ledger showed the following account balances:

$\backslash$table$[[$Cash$,$Debits,Credits$],[$Accounts receivable,$$48,000,],[$Inventory$,224,000,],[$Buildings and equipment $($net$),60,000,],[$Accounts payable,$370,000,],[$Common stock,,$$93,000$