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Problem 8-31(Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] Hillyard Company,...

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Accounting

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, gathered the following information to prepare its master budget for the first quarter of the year:
a. As of December 31(the end of the prior quarter), the company's general ledger showed the following account balances:
\table[[,Debits,Credits],[Cash,$52,000,],[Accounts receivable,209,600,],[Inventory,59,550,],[Buildings and equipment (net),362,000,],[Accounts payable,,$88,725
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