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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is the trial balance of Muscat Corporation on December 31, 2019 Accounts Debit Credit Cash OMR 197,000 Sales Revenue OMR 8,100,000 Trading securities 153,000 Cost of Goods Sold 5,132,000 Debt Investments (long-term) 299,000 Equity Investments (long-term) 277,000 Notes Payable (short-term) 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation—Buildings 352,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Raw Materials 97,000 Work In process 250,000 Finished Goods 250,000 Gain (extraordinary) 80,000 Notes Payable…
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