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.

Recognize circumstances under which standing to sue is established.

Grasp the significance of in personam, in rem, and subject-matter jurisdiction in the legal system.

Discuss the role of federal-question jurisdiction in the context of U.S. courts.

Differentiate between courts of original, appellate, limited, and general jurisdiction.

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Definitions:

Reassure

To provide comfort or support to someone, often by assuring them that their concerns and fears are understood and will be addressed.

Cognitive-behavioral Therapy

A form of psychotherapy that emphasizes the role of thinking in how we feel and what we do, focusing on changing negative thought patterns and behaviors.

Self-defeating Thoughts

Negative and often irrational thoughts that impede one's success or well-being.

Maladaptive Behaviors

Behaviors that inhibit an individual's ability to adjust healthily to particular situations.