Carol Garcia, Sheridan & Steven Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter. January $256,000 February $277,000 March $286,000 Quarter $819,000 Budgeted purchase cost The company makes all of its direct materials purchases on account. Carol's recent review of the company's payment history revealed that the company pays for 25% of its direct materials purchases in the month of purchase and 75% in the month following purchase. The company expects to have an accounts payable balance of $18,000 on January 1, and this amount represents the remaining payables from December's direct materials purchases. Prepare Sheridan & Steven's cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget Total Cash January February Payments 1 March $ $ $ December A/P January purchases February purchases March purchases Total Cash Payments Budget January February Total Cash Payments March December A/P 1 $ January purchases February purchases March purchases Total $ Calculate the accounts payable balance at the end of first Quarter, Accounts Payable balance $