The following are the assets and liabilities of the Al-Qassas Trading Corporation on December 30, 1441 AH. Current assets 100,000 cash, 80,000 debtors, 100,000 merchandise, total 280,000 fixed assets, 70,000 cars, 50,000 furniture, 300,000 real estate, total 420,000, total assets 700,000, and current liabilities 30,000 notes. Payment, 50,000 creditors, 10,000 other dues, total 90,000, equity 450,000, capital, 160,000 profit for the year, total 610,000, total liabilities and equity 700,000 Required : 1- Determining the zakat base by the direct method (the method of using funds) and determining the amount of zakat due on the institution 2- Determining the zakat base by the indirect method (the method of sources of funds) and determining the amount of zakat due on the institution
The following are the assets and liabilities of the Al-Qassas Trading Corporation on December 30, 1441 AH. Current assets 100,000 cash, 80,000 debtors, 100,000 merchandise, total 280,000 fixed assets, 70,000 cars, 50,000 furniture, 300,000 real estate, total 420,000, total assets 700,000, and current liabilities 30,000 notes. Payment, 50,000 creditors, 10,000 other dues, total 90,000, equity 450,000, capital, 160,000 profit for the year, total 610,000, total liabilities and equity 700,000 Required : 1- Determining the zakat base by the direct method (the method of using funds) and determining the amount of zakat due on the institution 2- Determining the zakat base by the indirect method (the method of sources of funds) and determining the amount of zakat due on the institution
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
Related questions
Question
help me with this accounting question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub