Nash Company has the following adjusted accounts and balances at year-end (June 30): Accounts payable Accounts receivable Accrued expenses payable Accumulated depreciation Additional paid-in capital Buildings and equipment Cash Common stock Cost of sales Depreciation expense Income taxes expense Income taxes payable. $170 450 160 220 216 1,420 215 54 820 320 165 40 Interest expense Interest income Inventories Land Long-term debt Prepaid expenses Rent expense Retained earnings Salaries expense Sales revenue Unearned fees. Prepare an adjusted trial balance for the Nash Company at June 30. $160 20 720 490 1,280 40 650 1,825 810 2,220 55

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Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.