The following information relates to Franklin Freightways for its first year of operations (data in millions off Pretax accounting income: Pretax accounting income included: Overweight fines (not deductible for tax purposes) $195 Depreciation expense Depreciation in the tax return The applicable tax rate is 25%. There are no other temporary or permanent differences. Franklin's balance sheet at the end of its first year would report a 5 70 110

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Deferred Tax

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.