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Hillyard Company , an office supplies specialty store , prepares its master budget on a quarterly basis . The* following data have been assembled to
Hillyard Company , an office supplies specialty store , prepares its master budget on a quarterly basis . The* following data have been assembled to assist in preparing the master budget for the first quarter : 2 . As of December 31 , ( the end of the prior quarter ) , the company's general ledger showed the following account balances :" Cash $48 , 000 ( debit ) Accounts receivable $224, 000 ( debit ) Inventory $60 , 000 ( debit ) Buildings and equipment , net $370, 000 ( debit ) Accounts payable $93, 000 ( credit ) Capital stock $500 , 000 ( credit ) Retained earnings $109, 000 ( credit )
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