ICELAND Company reported a profit before income tax of P200,000 in 2022. There were no differences between taxable profit and accounting profit. The revenue is P5,000,000 while the cost of sales is P2,250,000. The corporate tax rate is 25% while the minimum corporate income tax (MCIT) rate is 2%. ICELAND is expected to operate profitably in the succeeding years and its normal corporate income tax shall exceed the MCIT. The company started its operations in 2017.

How much is the Income Tax Expense - Current in 2022?

How much is the Income Tax Payable at December 31, 2022?

Answer rating: 100% (QA)

To calculate the Income Tax Expense Current in 2022 you can use the corpor... View the full answer