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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 assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 48,000 224,000 60,000 370,000 $ 93,000 500,000 109,000 $ 702,000 $ 702,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $ 280,000 $ 400,000 600,000 300,000 $ 200,000