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$[[,$Debits,Credits$],[$Cash$,$$$51,000,],[$Accounts receivable,$208,800,],[$Inventory$,59,400,],[$Buildings and equipment $($net$),361,000,],[$Accounts payable,,$$88,425$