Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need the answer quickly please !!! asap The following financial information pertains to the results of Future Islamic Bank at the end of 2021:

i need the answer quickly please !!! asap
image text in transcribed
image text in transcribed
The following financial information pertains to the results of Future Islamic Bank at the end of 2021: Average account balances: Current accounts (Amanah) $30 million Equity investment accountholders $110 million Bank Equity $70 million Property, plant and equipment and subsidiaries $40 million Net revenue (net of expenses) generated by the above funds $20 million Banks policy states that for liquidity purposes, the bank keeps the following percentages in cash of each fund to meet expected withdrawals: Current accounts 60% Equity investment accountholders 10% Bank Equity 096 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 6% 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 70% 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 $XXXXXXXXX.XX What is the size of the pool (total investment of denneitoren pono equalization reserve should be credited by a maximum of 6% 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 70% 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 $XXXXXXXXX.XX What is the size of the pool (total investment of depositors and the bank) of investment? What is the size of investment of the equity investment accountholders? 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 accountholders? $14,042,553.19 The answer is not among the list $99,000,000.00 $14,000,000.00 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 $842,553.19 The answer is not among the list The answer is not among the list $840,000.00 $141,000,000.00 The answer is not among the list $369,600.00 $3,960,000.00 $8,870,400.00 The answer is not among the list

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of International Financial Accounting And Reporting

Authors: Roger Hussey

1st Edition

9814280232, 9789814280235

More Books

Students also viewed these Accounting questions