Zakat giver has a commercial building with market value of SAR 1,000,000 and a book value...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Zakat giver has a commercial building with market value of SAR 1,000,000 and a book value of SAR 500.000. The building earned annula total revenues of SAR 100,000 and incurred deductible expenses of SAR 20,000. Zak at giver will pay short tern liability of SAR 10,000. Required: Calculate zakat due if the market price per gram of our gold is SAR 200. Zakat giver has a commercial building with market value of SAR 1,000,000 and a book value of SAR 500.000. The building earned annula total revenues of SAR 100,000 and incurred deductible expenses of SAR 20,000. Zak at giver will pay short tern liability of SAR 10,000. Required: Calculate zakat due if the market price per gram of our gold is SAR 200.
Expert Answer:
Answer rating: 100% (QA)
Answer Step1 Zakat is due on the difference between the market value and ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
Students also viewed these accounting questions
-
What is the preferred way for people to order fast food? A survey was conducted in 2009, but the sample sizes were not reported. Suppose the results, based on a sample of 100 males and 100 females,...
-
MV Corporation has debt with market value of $100 million, common equity with a book value of $100 million, and preferred stock worth $20 million outstanding. Its common equity trades at $50 per...
-
Mango, Inc. has had debt with market value of $1 million that has paid a 6% coupon and has had an expiration date that is far, far away. The expected annual earnings before interest and taxes for the...
-
Brandon Stroud was driving a golf car made by Textron, Inc., to transport guests at Christmas party. The golf car did not have lights, but Textron did not warn against using it on public roads at...
-
Corbin Manufacturing Company produces blankets. From its accounting records it prepares the following schedule and financial statements on a yearly basis. (a) Cost of goods manufactured schedule. (b)...
-
For each of the following alcohols, write the structure of the alkyloxonium ion produced after pro-tonation by strong acid; if the alkyloxonium ion is capable of losing water readily, write the...
-
Large plc, a manufacturer and wholesaler, purchased 600,000 of the 800,000 issued ordinary shares of a smaller company, Small Ltd, on 1 January 2005 when the retained earnings account of Small Ltd...
-
At a particular axial station, velocity and temperature profiles for laminar flow in a parallel plate channel have the form u(y) = 0.75[1 (y/y o ) 2 ] T(y) = 5.0 + 95.66(y/y o ) 2 47.83(y/yo) 4...
-
Assume that a randomly selected subject is given a bone density test. Those test scores are normally distributed with a mean of 0 and a standard deviation of 1. Draw a graph and find the probability...
-
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance...
-
ABC Ltd. is a retailer that sells a variety of products. The company uses the perpetual inventory system and the weighted average cost method. The following information pertains to the company's...
-
explain the concept of autocatalysis and its role in self-sustaining chemical reactions, including its relevance in prebiotic chemistry and the origins of life hypotheses ?
-
What would be the upper bound of the 95%confidence prediction interval for the following returns: HINT: First calculatethe standard deviation Date Return 11/01/2018 4.49% 11/14/2018 -1.86% 12/01/2018...
-
It is expected that in exactly three years, a 12-month pure discount bond with a face value of $5,000 will sell for $4,900. If 4-year spot (zero) rates are 3.00% p.a., based on pure expectation...
-
Mr. and Mrs. Bailey have been advised by their financial planner that they can afford to make $650-a-month payments on a mortgage loan for a home. Mortgage payments are made at the end of each month....
-
Sylvester C. Dimmick and Lizzie E. Dimmick deeded the land to their three sons, plaintiff, defendant, and Jonathan M. Dimmick, as joint tenants. Jonathan M. Dimmick, in turn, executed a joint tenancy...
-
Agate Inc. produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 45,000 units per month is as follows: Direct materials...
-
The activities listed in lines 2125 serve primarily as examples of A) Underappreciated dangers B) Intolerable risks C) Medical priorities D) Policy failures
-
Witte Inc. carries four items in inventory. The following per-unit data relate to these items at the end of 2011: Instructions: 1. Calculate the value of the inventory under each of the following...
-
The Crevier Corporation began business on January 1, 2011. The following table shows information about inventories, as of December 31, for three consecutive years under different valuation methods....
-
The company purchased a piece of equipment. Terms of the purchase were as follows: $10,000 in cash immediately, followed by note payments of $20,000 at the end of each year for the next eight years....
-
How can a company be sold by means of a capital increase?
-
At what price is a capital increase effected when made with an issue of subscription rights? When made without?
-
What is the consequence of a capital increase on EPS in the short term? In the long term?
Study smarter with the SolutionInn App