Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis....
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Accounting
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 companys general ledger showed the following account balances: Debits Credits Cash $ 48,000 Accounts receivable 224,000 Inventory 60,000 Buildings and equipment (net) 370,000 Accounts payable $ 93,000 Common stock
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