On June 1, 2022, Sheffield Corp. reported a cash balance of $44520. During June, Sheffield made deposits of $16960 and made disbursements totaling $50880. What is the cash balance at the end of June? $10600 debit balance $6360 credit balance $61480 debit balance $10600 credit balance

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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.