Saved 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, 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: Cash- Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings Debits $63,000 Credits 218,400 61,200 373,000 $92,025 500,000 123,575 $ 715,600 $ 715,600 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $273,000 $ 408,000 $ 605,000 $ 120,000 $216,000