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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 preparing

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:

  1. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances:

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Cash 62,000 Accounts receivable 217, 600 Inventory 61, 050 Buildings and equipment (net) 372,000 Accounts payable $ 91, 725 Common stock 500, 000 Retained earnings 120,925 $ 712, 650 $ 712, 650 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) $ 272, 000 January $ 407, 000 February $ 604, 000 March $ 319, 090 April $ 215, 000

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