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 $ 46,000 232,000 58,500 375,000 $ 95,000 512,000 184,500 $711,500 $711, 500 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February $290,000 390,000 570.000 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 $ 46,000 232,000 58,500 375,000 $ 95,000 512,000 184,500 $711,500 $711, 500 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February $290,000 390,000 570.000