Hillyard Company, an office supplies specialty store, prepares its master budget quarterly. For the first quarter, the company provided financial data including cash of $47,000, accounts receivable of $224,000, and inventory worth $63,000 as of December 31. This information is essential for the budget preparation process.

1. Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly
basis. The following data have been assembled to assist in preparation of the master budget for
the first quarter: As of December 31 (the end of the prior quarter), the companys general ledger
showed the following account balances: Debits Credits Cash $ 47,000 Accounts receivable
224,000 Inventory 63,000 Buildings and equipment (net)