Company A is a merchandising company. Company A Balance Sheet Ending Month of May Cash Accounts Receivables Inventory Net plant & Equipment Total Assets 123.000 136.000 101,000 160.000 520.000 Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders Equity Build the June purchasing budget for Company A given the following assumptions: 70.000 50.000 300.000 100.000 520.000 Budgeted Sales for June are $140.000 Budgeted Sales for July are $155.000 Budgeted Sales for August are $175,000 Budgeted Sale for September are $163,000 Assume COGS is 70% of Sales. Required monthly ending inventory is 10% of COGS for the next two months. Complete the Merchandise purchases budget: June July Budgeted cost of goods sold Add desired ending merchandise inventory* Total needs Less beginning merchandise inventory Required purchases Assume the following: 30% of merchandising purchases are paid in the month of the purchase. 70% is paid in the following month. Assume all of the Accounts Payable is what is owed on merchandising purchases. What are the cash disbursements for merchandise in the following months: June July. What is in Accounts Payable at the end of July