q5.Due by 1:45pm est usa. No extensions.

Libby Gift and Gadget has the following budget for cost of goods sold next quarter.

	October,Year6	November,Year6	December,Year6
Cost of goods sold	$280,000	$300,000	$350,000

Assume Libby does notmaintainany inventories. When a customer places an orderonline, Libby buys the merchandise from a local supplier,Tefco. Libby buys everything fromTefcoon credit. Libby paysTefcothe month following the purchase. What will be the balance on the budgeted (proforma) balance sheet at 12/31/Year6 for Accounts payable toTefco?