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ABC Company, a retailer, prepares its master budget on a quarterly basis. The following data has been assembled to assist in preparation of the master for the first quarter. a. As f December 31 (the end of the prior quarter), the company's general ledger showed the following account balances. ASSETS LIABILITIES AND EQUITY Cash Accounts Receivable 224,000 Inventory Buildings and Equipment $47,000 Accounts Payable Capital Stock Retained Earnings $ 92,000 500,000 109,000 60,000 (net of depreciation) 370,000 TOTAL ASSETS $701,000 TOTAL LIABILITIES AND EQUITY $701,000 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April S280,000 500,000 700,000 400,000 300,000 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 c. d. The Company's gross profit rate is 40% of sales. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month; advertising, $70,000 per month; shipping, 5% of sales; depreciation. S 14,000 per month; other expenses, 3% of sales. e