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 Account s receivab le Inventory Bui Idings and equipment (net) Account s payable Common st ock Ret ained earnings $48,000 224,000 60,000 370,000 $93,000 500,000 $702,000 $ 702,000 b. Actual sales for December and budgeted sales for the next four months are as follows December (actual) January February March April $ 280,000 400,000 600,000 300,000 200,000