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 $ 57,000 213,600 60,300 367,000 Credits $ 90,225 500,000 107,675 $ 697,900 $ 697,900 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $ 267,000 $ 402,000 $ 599,000 $ 314,000 $ 210,000 c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts