Problem 8-29 Completing a Master Budget Problem 8-29 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: As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: a. Cash Accounts receivable Inventory Buildings and equipment (net)364,000 Accounts payable Common stock Retained earnings $ 54,000 211,200 59,850 $ 89,325 500,000 99,725 $689,050 689,050 b. Actual sales for December and budgeted sales for the next four months are as follows: December(actual) January February March April $264,000 $399,000 $596,000 $311,000 $207,000