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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 42,000 201,600 58,050 352,000 $85,725 500,000 67,925 $ 653,650 $653,650 b. Actual sales for December and budgeted sales for the next four months are as follows December (actual) January February March April $252,000 $387,000 $584,000 $298,000 $195,000

Solution

Hillyard Company

Balance sheet

.March 31

Assets

Current assets

Cash

$    94,550.00

Accounts Receivables

$ 238,400.00

Inventory

$    29,250.00

Total Current assets

$ 362,200.00

Building and Equipment (net)

$ 381,780.00

Total Assets

$ 743,980.00

Liabilities

Current Liabilities

Accounts payable

$    81,675.00

Total Current Liabilities

$    81,675.00

Shareholder\'s equity

Common Stock

$ 500,000.00

Retained Earnings

$ 162,305.00

Total Shareholder\'s equity

$ 662,305.00

Total Liabilities and Shareholder\'s equity

$ 743,980.00

Statement of Retained earnings

Opening Balance of Retained earnings

$    67,925.00

Add: Profits during period

$ 139,380.00

Less: Dividends Paid

$ (45,000.00)

Closing balance of Retained Earnings

$ 162,305.00

Balance of Building and equipment

Opening balance

$ 352,000.00

Add: Purchases

$    72,200.00

Less: Depreciation

$ (42,420.00)

Closing balance (Net)

$ 381,780.00

Hillyard Company
Balance sheet
.March 31
Assets
Current assets
Cash	$    94,550.00
Accounts Receivables	$ 238,400.00
Inventory	$    29,250.00
Total Current assets	$ 362,200.00
Building and Equipment (net)	$ 381,780.00
Total Assets	$ 743,980.00
Liabilities
Current Liabilities
Accounts payable	$    81,675.00
Total Current Liabilities	$    81,675.00
Shareholder\'s equity
Common Stock	$ 500,000.00
Retained Earnings	$ 162,305.00
Total Shareholder\'s equity	$ 662,305.00
Total Liabilities and Shareholder\'s equity	$ 743,980.00