Problem 8-31 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] 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 Common stock Retained earnings Debits $ 46,000 204,800 58,650 356,000 Credits $ 86,925 500,000 78,525 $ 665,450 $ 665,450 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $ 256,000 $ 391,000 $ 588,000 $ 302,000 $ 199,000 c. 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 21 are a recult of Docombor credit coloc