The following financial information pertains to the results of Future Islamic Bank at the end of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following financial information pertains to the results of Future Islamic Bank at the end of 2021: Average account balances: Current accounts (Amanah) Equity investment account holders Bank Equity $30 million $110 million $70 million Property, plant and equipment and subsidiaries Net revenue (net of expenses) generated by the above funds Banks policy states that for liquidity purposes, the bank keeps the following percentages in cash of each fund to meet expected withdrawals: Current accounts Equity investment account holders Bank Equity $40 million 70% 20% 0% $20 million The bank's policy states that in profitable years the accounts of investment risk reserve and profit equalization reserve should be credited by a maximum of 7% and 4%, respectively. The board decides on the amount transferred to these accounts at the end of each year. In 2020 the board decided to apply the maximum percentages stated in the policy. The profit-sharing ratio is 75% to the clients (equity of investment account holders). Required: Do not round figures in the intermediate steps. Round your answer to the nearest cent and without commas. Your answer should be written as follow $xxxxxxxxxXxxXxx.xx What is the size of the pool (total investment of depositors and the bank) of investment? What is the size of the investment of the equity investment account holders? What is the share of the mudharabah profit out of the total profit of the pool? Calculate the investment risk reserve. Calculate profit equalization reserve. What is the bank's share in mudharabah profit? Calculate the profit of the equity investment account holders? The answer is not among the list The answer is not among the list The answer is not among the list The answer is not among the list $9,279,496.06 $116,000,000.00 $800,000.00 $970,078.74 $800,000.00 The answer is not among the list The answer is not among the list The answer is not among the list $13,858,267.72 The answer is not among the list $386,645.67 $127,000,000.00 The answer is not among the list The answer is not among the list $88,000,000.00 $3,222,047.24 The following financial information pertains to the results of Future Islamic Bank at the end of 2021: Average account balances: Current accounts (Amanah) Equity investment account holders Bank Equity $30 million $110 million $70 million Property, plant and equipment and subsidiaries Net revenue (net of expenses) generated by the above funds Banks policy states that for liquidity purposes, the bank keeps the following percentages in cash of each fund to meet expected withdrawals: Current accounts Equity investment account holders Bank Equity $40 million 70% 20% 0% $20 million The bank's policy states that in profitable years the accounts of investment risk reserve and profit equalization reserve should be credited by a maximum of 7% and 4%, respectively. The board decides on the amount transferred to these accounts at the end of each year. In 2020 the board decided to apply the maximum percentages stated in the policy. The profit-sharing ratio is 75% to the clients (equity of investment account holders). Required: Do not round figures in the intermediate steps. Round your answer to the nearest cent and without commas. Your answer should be written as follow $xxxxxxxxxXxxXxx.xx What is the size of the pool (total investment of depositors and the bank) of investment? What is the size of the investment of the equity investment account holders? What is the share of the mudharabah profit out of the total profit of the pool? Calculate the investment risk reserve. Calculate profit equalization reserve. What is the bank's share in mudharabah profit? Calculate the profit of the equity investment account holders? The answer is not among the list The answer is not among the list The answer is not among the list The answer is not among the list $9,279,496.06 $116,000,000.00 $800,000.00 $970,078.74 $800,000.00 The answer is not among the list The answer is not among the list The answer is not among the list $13,858,267.72 The answer is not among the list $386,645.67 $127,000,000.00 The answer is not among the list The answer is not among the list $88,000,000.00 $3,222,047.24 The following financial information pertains to the results of Future Islamic Bank at the end of 2021: Average account balances: Current accounts (Amanah) Equity investment account holders Bank Equity $30 million $110 million $70 million Property, plant and equipment and subsidiaries Net revenue (net of expenses) generated by the above funds Banks policy states that for liquidity purposes, the bank keeps the following percentages in cash of each fund to meet expected withdrawals: Current accounts Equity investment account holders Bank Equity $40 million 70% 20% 0% $20 million The bank's policy states that in profitable years the accounts of investment risk reserve and profit equalization reserve should be credited by a maximum of 7% and 4%, respectively. The board decides on the amount transferred to these accounts at the end of each year. In 2020 the board decided to apply the maximum percentages stated in the policy. The profit-sharing ratio is 75% to the clients (equity of investment account holders). Required: Do not round figures in the intermediate steps. Round your answer to the nearest cent and without commas. Your answer should be written as follow $xxxxxxxxxXxxXxx.xx What is the size of the pool (total investment of depositors and the bank) of investment? What is the size of the investment of the equity investment account holders? What is the share of the mudharabah profit out of the total profit of the pool? Calculate the investment risk reserve. Calculate profit equalization reserve. What is the bank's share in mudharabah profit? Calculate the profit of the equity investment account holders? The answer is not among the list The answer is not among the list The answer is not among the list The answer is not among the list $9,279,496.06 $116,000,000.00 $800,000.00 $970,078.74 $800,000.00 The answer is not among the list The answer is not among the list The answer is not among the list $13,858,267.72 The answer is not among the list $386,645.67 $127,000,000.00 The answer is not among the list The answer is not among the list $88,000,000.00 $3,222,047.24 The following financial information pertains to the results of Future Islamic Bank at the end of 2021: Average account balances: Current accounts (Amanah) Equity investment account holders Bank Equity $30 million $110 million $70 million Property, plant and equipment and subsidiaries Net revenue (net of expenses) generated by the above funds Banks policy states that for liquidity purposes, the bank keeps the following percentages in cash of each fund to meet expected withdrawals: Current accounts Equity investment account holders Bank Equity $40 million 70% 20% 0% $20 million The bank's policy states that in profitable years the accounts of investment risk reserve and profit equalization reserve should be credited by a maximum of 7% and 4%, respectively. The board decides on the amount transferred to these accounts at the end of each year. In 2020 the board decided to apply the maximum percentages stated in the policy. The profit-sharing ratio is 75% to the clients (equity of investment account holders). Required: Do not round figures in the intermediate steps. Round your answer to the nearest cent and without commas. Your answer should be written as follow $xxxxxxxxxXxxXxx.xx What is the size of the pool (total investment of depositors and the bank) of investment? What is the size of the investment of the equity investment account holders? What is the share of the mudharabah profit out of the total profit of the pool? Calculate the investment risk reserve. Calculate profit equalization reserve. What is the bank's share in mudharabah profit? Calculate the profit of the equity investment account holders? The answer is not among the list The answer is not among the list The answer is not among the list The answer is not among the list $9,279,496.06 $116,000,000.00 $800,000.00 $970,078.74 $800,000.00 The answer is not among the list The answer is not among the list The answer is not among the list $13,858,267.72 The answer is not among the list $386,645.67 $127,000,000.00 The answer is not among the list The answer is not among the list $88,000,000.00 $3,222,047.24
Expert Answer:
Answer rating: 100% (QA)
The profit equalization reserve is amount appropriated by Islamic ban... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following financial information pertains to Sleepy Company: Required a. Prepare all the necessary journal entries for 2012 sales, collections, and write-offs (using the direct write-off method)....
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Determine the equations for the voltage and instantaneous Power in the network in Figure P 9.2 4 2225 A Figure P 92
-
Refer to the Watermate Data Set above. Requirements 1. Compute the standard predetermined variable manufacturing overhead rate, the standard predetermined fixed manufacturing overhead rate, and the...
-
As mentioned in Problem 2.6, the integer 3,510,593 has hexadecimal representation 0x00359141, while the single-precision floating-point number 3,510,593.0 has hexadecimal representation 0x4A564504....
-
What is meant by a Taylor rule? In what way is it a better rule for central banks to follow than one of adhering to a simple inflation target?
-
Ball Bearings, Inc. faces costs of production as follows: a. Calculate the companys average fixed costs, average variable costs, average total costs, and marginal costs at each level of production....
-
In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit....
-
Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Bond Issue A Period Ending June 1/23 Dec. 1/23 Dec. 1/29 June 1/30...
-
For the past ten years, RM Company has produced small gas motors that fit into its main product line of weed-cutting machine. As material costs have steadily increased, the controller of RM Company...
-
Are you someone who is affected by the hostile media effect or do you know someone who is? How do you react when you see balanced news reports that include political views that you don't like? Are...
-
A company purchased an 80-kw diesel electric unit six years ago with $160,000. At that time the cost index was 187 and it currently increased to 194. The cost-capacity factor for such equipment is...
-
Agatha Corporation currently pays a dividend of Tk 5 per share, and this dividend is expected to grow at a 1 0 percent annual rate for three years, and then at a 5 percent rate forever. What value...
-
Starting from rest, a 920 kg car coasts a distance of 8.00m downhill along a road that makes an angle of 30.0 below the horizontal. There is no frictional force that acts on the car. The car's...
-
= 17. Let {a, b}. For each of the following languages, find a grammar that generates it. a. L = {a"b": n0, m
-
2. Find the length of the curve. 1 (i)y=(x+4)/2; 0x3 6 y5 1 (iii)x=+3; 2 y 4 5 12y3 (ii) y = 2 ln (sin); /3 x n ey +1 (iv) x = ln (+); a y b, a>0 ey-1.
-
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (-1, - /3)
-
At the end of 2012, a company has a balance of $1,755,000 in cash and cash equivalents. At the beginning of the year, the company had a $1,560,000 balance. Required Perform a horizontal analysis of...
-
The following is a list of independent economic events: 1. Purchased inventory on account. 2. Paid dividends at the end of the year. 3. Received cash in payment for services. 4. Issued common stock...
-
The following is the general journal of Dee's Fur Company for the month of November: Required a. Post the journal entries to the appropriate T-accounts assuming Dee's Fur starts its business in...
-
Divide the team into three groups. Each group will choose value, brand, or retention equity. Or, if team sizes are smaller, each team will select an equity component. For each equity component,...
-
The things that might lead a person to quit might not be the same things that lead a person to stay with an organization. For example, another job offer or the tendency to always be looking for new...
-
Generate survey or interview items that would capture value-, brand-, or retention-equity levels in workers. If possible, ask a sample of your friends and neighbors to take a survey based on your...
Study smarter with the SolutionInn App