XYZ Limited Has the Following Ledger Account Balances: Income Tax

Multiple Choice

XYZ Limited has the following ledger account balances: Income tax payable opening balance $47,000; closing balance $29,000. The amount of tax expense accrued at the end of the year was $22,000. The amount that has been paid during the year to the taxation authorities for incomes taxes is:

A) $54,000.
B) $22,000.
C) $40,000.
D) $98,000.