Haskell,Inc In 2009,Haskell Deducted a $35,000 Item for Income Tax Purposes

question 140

Essay

Haskell,Inc.,reported the following income before income taxes,income taxes expense,and net income for 2009 and 2010:
$\begin{array}{lrr}&2009&2010\\\text { Income before income taxes } & \$ 420,000 & \$ 420,000 \\\text { Income taxes expense } & 240,000 & 240,000 \\\text { Net income } & \$ 180,000 & \$ 180,000\end{array}$
In 2009,Haskell deducted a $35,000 item for income tax purposes that was not deducted for accounting purposes until 2010.Haskell's marginal tax rate is 40 percent.Prepare entries in journal form without explanations to record Haskell's income taxes expense and income taxes payable for each year,assuming that income tax allocation procedures are used properly.

Identify and analyze the concept of marginal product and its relationship to total and average product.

Calculate and interpret average total, variable, and fixed costs from given data.

Determine the point at which marginal product equals average product and understand its significance.

Analyze scenarios of changing output levels to predict effects on costs and cost structures.

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Definitions:

Tempo

The speed at which a piece of music is played or the pace of an activity or process.

Pitch

The quality of a sound governed by the rate of vibrations producing it; the highness or lowness of a tone.

Intonation

The rise and fall of the voice in speaking, which can affect the meaning of what is being said.

Chronological Pattern

Organizing content or events in the order they occurred over time, from the earliest to the most recent.