Problem 7-29 A

Every step needs to be completed

PROBLEM 7-29A Completing a Master Budget [LO7-2, LO7-4, LO7-7, LO7-8, LO7-9, LO7-10 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: Debits Credits Cash Accounts receivable Inventory Buildings and equipment (net) $ 48,000 224,000 60,000 370,000 $93,000 500,000 109,000 $702,000 $702,000 Common stock Retained earnings