Question: Feed Company purchased $150,000 of inventory during June. Purchases are expected to increase by 2% per month in each of the next three months. Feed makes all purchases on account. Feed normally pays cash to settle 70% of its accounts payable during the month of purchase and settles the remaining 30% in the month following purchase. Based on this information, determine the accounts payable balance Feed would report on its July 31 balance sheet. Feed Company purchased $150,000 of inventory during June. Purchases are expected to increase by 2% per month in each of the next three months. Feed makes all purchases on account. Feed normally pays cash to settle 70% of its accounts payable during the month of purchase and settles the remaining 30% in the month following purchase. Based on this information, determine the accounts payable balance Feed would report on its July 31 balance sheet. $45,900 $45,000 $61,200 $60,000