Determine the corporate income tax expense

Response to the following problem:

Paul's Roofing Corporation paid monthly corporate income tax instalments of $500 commencing February 15, 2016. The company's income before income taxes for the year ended December 31, 2016 was $15,000. The corporate income tax rate is 40%. Paul's Roofing paid the 2016 corporate income taxes owing on January 31, 2017.


1. Record the February 15, 2016 payment.

2. Record the 2016 corporate income tax expense.

3. Record the January 31, 2017 payment. Descriptions and general ledger account numbers are not necessary.

Show calculations where applicable.


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Taxation: Determine the corporate income tax expense
Reference No:- TGS02089851

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