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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
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 Debits $ 48,000 206,400 Credits 58,950 358,000 $87,525 500,000 83,825 $ 671,350 $ 671,350 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $ 258,000 $ 393,000 $590,000 $ 304,000 $201,000
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