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:

$\backslash$table$[[$Cash$,$Debits,Credits$],[$Accounts receivable,$$48,000,],[$Inventory$,224,000,],[$Buildings and equipment $($net$),60,000,],[$Accounts payable,$370,000,],[$Common stock,,$$93,000$

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Please answer the required section $1-5$

Thank you!