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In the fourth quarter of 2011, Eurofit Cycling, a bike shop, had the following net income:
Sales .................$350,000Less cost of sales ............$140,000Gross margin ..............$210,000Selling and administration .........$65,000Income before taxes ............$145,000Income taxes ..............$50,750Net income ..............$ 94,250Purchases in the fourth quarter amounted to $180,000.Estimated data for Eurofit Cycling for 2012 are as follows:
Taxes are 35 percent of pretax income. Fifty percent of sales are collected in the quarter of sale and 50 percent are collected in the next quarter. Eighty percent of purchases are paid in the quarter of purchase and 20 percent are paid in the next quarter. Selling and administrative expenses are paid in the quarter incurred except for $7,000 of depreciation included in selling and administrative expense. A capital expenditure for $20,000 is planned for the fourth quarter of 2012.
Required:
Prepare a cash budget for each quarter of 2012.
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