PROBLEM 10-11 . Cash Budget [LO 2] In the fourth quarter of 2014, Eurofit Cycling, a bike shop, had the following net income: Purchases in the fourth quarter amounted to $195,000. Estimated data for Eurofit Cycling for 201 5 are as follows: Taxes are 35 percent of pretax income and are paid in the quarter incurred. Fifty percent of sales are collected n the quarter of sale and 50 percent are collected in the next quarter. Seventy percent of purchases are paid n the quarter of purchase and 30 percent are paid in the next quarter. Selling and administrative expenses are paid n the quarter incurred except for $7,000 of depredation included in selling and administrative expense. A capital expenditure for $20,000 is planned for the fourth quarter of 2015. Required Prepare a cash budget for each quarter of 2015