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 Accounts receivable Inventory Buildings and equipment (net) Accounts payable $50, 000 208,000 59,250 360,000 88,125 500,000 Common stock Retained earnings 677,250 677,250 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $260,000 $395,000 $592,000 $306,000 $203,000