Hillyard Company an office supplies specialty store prepares its master budget

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:

Cash $48000 (debit)
Accounts receivable $224000 (debit)
Inventory $60000 (debit)
Buildings and equipment net $370000 (debit)
Accounts payable $93000 (credit)
Capital stock $500000 (credit)
Retained earnings $109000 (credit)

Required:
Using the data above complete the following statements and schedules for the first quarter:

*$400000 sales x 60% cost ratio = $240000
** $360000 x 25% = $90000