In 2021, Heartfin Farms reported a pretax accounting loss of $196 million. During the year, the company paid a fee of $4 million due to a fine from the Food and Drug Administration. The company accrued an expense for estimated paid future absences of $30 million relating to the company’s employee vacation program. The amounts owed will be paid equally over the next two years ($15 million in 2022 and $15 million in 2023). The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above. In the prior two years, Hinton Farms reported taxable income of $64 million in 2020 and $88 million in 2019. What is Heartfin Farms' net operating loss carryforward in 2021? A. $10 million B. $162 million C. $30 million D. $152 million

The payroll of Swifty Company for September 2019 is as follows.Total payroll was $ 444,000, of which $ 120,000 is exempt from Social Security tax because it represented amounts paid in excess of $ 128,400 to certain employees. The amount paid to employees in excess of $ 7,000 (the maximum for both federal and state unemployment tax) was $ 401,000. Income taxes in the amount of $ 77,900 were withheld, as was $ 8,700 in union dues. The state unemployment tax is 3.5%, but Swifty Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $ 128,400 and 1.45% in excess of $ 128,400. No employee for Swifty makes more than $ 135,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No…

9) At the end of its 2020 fiscal period, Barton's Books, a sole proprietorship, has ending accounts receivable of $87,500. Of this amount, it is estimated that $3,400 are doubtful of collection. A reserve for income tax purposes is claimed for this amount. During 2021, $3,600 of accounts receivable are written off. as bad debts At the end of its 2021 fiscal period, accounts receivable total $103,200, with $4,100 of this amount considered doubtful of collection. What are the income tax consequences with respect to the accounts receivables for the 202y fiscal period?

Problems 1). Record the journal entries for the following current liabilities for Company Z A). Company Z is required by law to collect and remit sales taxes to the state. If $78,000 of cash sales are subject to a 6% sales tax B). Company Z faces a probalble loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. C). Employees earn vacation pay at the rate of one day per month. During the month, 25 employees quality for one vacation day each. Their average daily wage is $100 per day. D). Z company estimates thatt warranty expense will be 4% of sales. The company's sales for the current period are $185,000.. E). Z Company receives $48, 000 cash in advance ticket sales for 12 home games. Record the advance ticket sales on April :30. Record the revenue earned for the first home game played on August 14. "V B. C. D. E.