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 ces Retained earnings $ 44,000 203,200 58,350 954,000 $ 86,325 500,000 73,225 $ 659,550 $ 659,550 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) $254,000 January $389,000 February $586,000 March 1300,000 Apell 1197,000 Plov 1 of 1 Next 5