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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: Debits Credits Cash $ 48, 000 Accounts receivable 232, 000 Inventory 61, 500 Buildings and equipment (net) 375, 000 Accounts payable $ 93, 000 Capital shares 520, 000 Retained earnings 103, 500 $716, 500 $716, 500b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) $290,000 January 410,000 February 640,000 March 310,000 April. 210, 000 l C. (DD. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. . The company's gross margin is 40% of sales. Monthly expenses are budgeted as follows: salaries and wages, $25,000 per month; advertising, $71,000 per month; shipping, 5% of sales; depreciation, $12,000 per month; other expenses, 3% of sales. At the end of each month, inventory is to be on hand equal to 25% of the following month's sales needs, stated at cost. . One-half ofa month's inventory purchases are paid for in the month of purchase; the other half are paid for in the following month. During February, the company will purchase a new copy machine for $1,300 cash. During March, other equipment will be purchased for cash at a cost of $85,500. . During January, the company will declare and pay $47,000 in cash dividends. . The company must maintain a minimum cash balance of $30,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of principal. The annual interest rate is 12%. (Figure interest on whole months, e.g., 1/12, 2/12.) '69 $ 30,950 0 456,000 9 466,950 $ 30,950 0 574,000 0 604,950 $ 46,000 0 1,344,000 0 1,392,000 46,000 0 314,000 9 362,000 Cash balance, beginning Add: Collections from sales Total cash available Deduct: Disbursements: 793,500 9 396,600 0 252,750 9 120,600 9 307,500 9 147,200 9 233,250 9 126,600 0 Purchases of inventory Operating expenses 86,800 0 47,000 0 1,324,100 Purchases of equipment 85,500 a Cash dividends Total disbursements 47,000 0 409,050 (47,050) 9 456,000 30,950 459,050 Excess (deciency) of cash Financing: 76,000 0 Borrowings 78,000 9 Repayments \\ '6: 8 6 0 O 6 76,000 $ 30,9500 76,000 $ 65,560 0 Total nancing Cash balance, ending 9 $ 30,950 0 $ 65,560 0