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 $ 49,000 224,000 -57.000 356,000 $ 93,000 485,000 108,000 $686,000 $686,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March 5280,000 380,000 540,000 250,000 180,000 Apr1 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 $ 49,000 224,000 -57.000 356,000 $ 93,000 485,000 108,000 $686,000 $686,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March 5280,000 380,000 540,000 250,000 180,000 Apr1