Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: As of December 31 (the end of the prior quarter), the companys general ledger showed the following account balances: Debits Credits Cash $ 47,000 Accounts receivable 224,000 Inventory 63,000 Buildings and equipment (net)