Michael Jones is one of Texas's premiere party planners. She purchases a variety of supplies, such as plastic tableware, stemware, and decorations, throughout the year. Michael has prepared the following purchases budget for the coming year: 1st Quarter $280,000 2nd Quarter $480,000 3rd Quarter $495,000 4th Quarter $575,000 Budgeted purchases Historically, Michael has paid for 40% of her purchases in the quarter of purchase and 60% in the quarter following purchase. On December 31 of this year Michael had a $250,000 accounts payable balance. Prepare Michael's cash payments budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) 1st Quarter 2nd Quarter 3rd Quarter A/P from last year $ $ $ $ LA 1st quarter purchases 2nd quarter purchases 3rd quarter purchases 4th quarter purchases Total $ $ $ $ 4th Quarter Annual $ $ $ $ Calculate the accounts payable balance at the end of 4th Quarter. Accounts Payable balance at the end of 4th Quarter $