Sara Harding is a cash-basis taxpayer who itemized her deductions. The following information pertains to Sara's state income taxes for the taxable year Year 3: Withheld by employer in Year 3 $2,000 Payments on Year 3 estimate: 4/15/03 $300 6/15/03 300 9/15/03 300 1/15/04 300 1,200 Total paid and withheld $3,200 Actual tax, per state return 3,000 Overpayment $ 200 There was no balance of tax or refund due on Sara's Year 2 state tax return. How much is deductible for state income taxes on Sara's Year 3 federal income tax return

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.