Seved Problem 8-31 Completing a Master Budget (LO8-2, L08-4, LO8-7, LO8-8, LO8-9, LO8-10) Ints 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 3 00:38:22 a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances eBook Cash Print $ eferences Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings 45,000 204.000 58,500 355,000 $ 86,625 500,000 75,875 662,500 $ 662,500 $ b. Actual sales for December and budgeted sales for the next four months are as follows: December(actual) January February March $ 255,000 $ 390,000 $ 587, eee $ 301.000 $ 198,000 April c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts Hillyard Company Income Statement For the Quarter Ended March 31 Cost of goods sold: TOH L 11 11 X / Selling and administrative expenses: / 0 pard a balance sheet as of March 31. Hillyard Company Balance Sheet March 31 Assets Current assets: III Total current assets 0 Total assets s Liabilities and Stockholders' Equity o Current liabilities: Stockholders' equity. Total liabilities and stockholders' equity