Retail
Corporate Income Tax Provision
Accruing the year-end income tax on the store's taxable profit.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Income Tax Expense | Expense (+) | 22,000.00 | - |
| Income Tax Payable (ISTD) | Liability (+) | - | 22,000.00 |
💡 Accountant's Note
Income tax is accrued based on taxable profit. Differences between accounting profit and taxable income create deferred tax assets or liabilities.
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