Balen and alanys tanjoy are married filing-jointly taxpayers both 61 years of age and semi-retired. alanys earns wages of $32,000 as a part-time school librarian and balen sharpens knives as a hobby and their 2018 agi is $49,700. their tax liability before any credit is $3,235. neither tanjoy is active in any other income deferral plans. because the tanjoys have limited financial needs, they also made an ira contribution of $10,000 ($5,000 each) trying to get ready for retirement. use the form 8880 to determine the tanjoy’s saver’s credit. enter all amounts as positive numbers.

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Abank has $132,000 in excess reserves and the required reserve ratio is 11 percent. this means the bank could have in checkable deposit liabilities and in (total) reserves.