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Return to qu Problem 8-31 Completing a Master Budget (L08-2, 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 bee 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 $60,000 216,000 60,750 370,000 $ 91,125 500,000 115.625 $ 706,750 $ 706,750 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February Harch April $270,000 $405,000 $602,000 $317,000 $213,000