We show that $$ VTC ^0$$, the basic theory of bounded arithmetic corresponding to the complexity class $$\mathrm {TC}^0$$, proves the $$ IMUL $$ axiom expressing the totality of iterated multiplication satisfying its recursive definition, by formalizing a suitable version of the $$\mathrm {TC}^0$$ iterated multiplication algorithm by Hesse, Allender, and Barrington. As a consequence, $$ VTC ^0$$ can also prove the integer division axiom, and (by our previous results) the $$ RSUV $$ -translation of induction and minimization for sharply (...) bounded formulas. Similar consequences hold for the related theories $$\Delta ^b_1\text{- } CR $$ and $$C^0_2$$. As a side result, we also prove that there is a well-behaved $$\Delta _0$$ definition of modular powering in $$I\Delta _0+ WPHP (\Delta _0)$$. (shrink)