In the fourth quarter of 2017, Casey Wholesalers had the following net income:
Sales .......................................................................$650,000
Less cost of sales .........................................................300,000
Gross margin ..............................................................350,000
Selling and administration ...............................................250,000
Income before taxes ......................................................100,000
Income taxes ................................................................35,000
Net income ................................................................$ 65,000
Purchases in the fourth quarter amounted to $375,000.
Estimated data for Casey Wholesalers, Inc. for 2018 are as follows:

Taxes are 35 percent of pretax income and are paid in the quarter incurred. Sixty percent of sales are collected in the quarter of sale and 40 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 $10,000 of depreciation included in selling and administrative expense. A capital expenditure for $75,000 is planned for the fourth quarter of 2018.
Required
Prepare a cash budget for each quarter of 2018.

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Quarter 1 Quarter 2 Quarter 3 Quarter 4 $968,000 Sales Cost of sales $725,000 350,000 410,000 250,000 $805,000 $875,000 500,000 525,000 250,000 450,000 250,000 600,000 250,000 Purchases Selling and administration