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: 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 Capital shares Retained earnings Debits Credits $ 49,000 216,000 57,000 379,000 $ 93,000 505,000 103,000 $701,000 $701,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $270,000 380,000 590,000 280,000 180,000