Macheski Company, an importer and retailer of Polish pottery and kitchenwa below: e, prepares a monthly master budget. Data for the July master budget are given The June 30th balance sheet follows: 25,000 Accounts payable 110,000 Capital stock 54,000 Retained earnings Cash 45,000 300,000 94,000 Inventory Building and equipment (net) Actual sales for June and budgeted sales for July, August, and September are given below: uly August $137,500 360,000 400,000 Sales are 20 percent for cash and 80 percent on credit. All credit sales are collected in the month following the sale. There are no bad debts. The gross margin percentage is 40 percent of sales. The desired ending inventory is equal to 25 percent of the following month's sales. One fourth of the purchases are paid for in the monthi of purchase and the others are purchased on account and paid in full the following month. The monthly cash operating expenses are $43,000, and t What is the balance of the accounts payable at the end of July? a. $55,500 Ob. $166,500 Oc. $120.000 he monthly depreclation expenses are $7.000 854 PM