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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: As of December 31, (the end of the prior quarter), the company’s general ledger showed the following account balances:
Cash $48,000 (debit)
Accounts receivable $224,000 (debit)
Inventory $60,000 (debit)
Buildings and equipment, net $370,000 (debit)
Accounts payable $93,000 (credit)
Capital stock $500,000 (credit)
Retained earnings $109,000 (credit)
1. Actual sales for December and budgeted sales for the next four months are as follows: December
$280,000, January $400,000, February $600,000, March $300,000 and April $200,000.
1. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.
1. The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)
2. Monthly expenses are budgeted as follows: salaries and wages, $27,000 per month; advertising,
$70,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,000 per quarter.
1. Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.
2. One-half of the month’s inventory purchases is paid for in the month of purchase; the other half is paid in the…...

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