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Hillyard Company, an office supplies specialty store, prepares its master budget on a...

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Accounting

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: As of December 31(the end of the prior quarter), the companys general ledger showed the following account balances: Debits Credits Cash 58,000 Accounts receivable 214,400 Inventory 60,450 Buildings and equipment (net)368,000 Accounts payable 90,525 Common stock 500,000 Retained earnings 110,325700,850700,850 Actual sales for December and budgeted sales for the next four months are as follows: December(actual)268,000 January 403,000 February 600,000 March 315,000 April 211,000 Sales are 20

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