1. A Company makes all purchases on credit. April purchases were budgeted to be $60,000 and May purchases were budgeted at $80,000. Purchases are paid for 40% in the month of purchase and 60% in the month following the month of purchase. The budgeted balance sheet for May 31 would show accounts payable of:

   		$48,000
   		$36,000
   		$24,000
   		$72,000