Question
Q1 : A zakat payer has agriculture production from land with market value SR 100,000 and he is watering the corporation by using modern tools.
Q1: A zakat payer has agriculture production from land with market value SR 100,000 and he is watering the corporation by using modern tools. Would you calculate alms on agriculture? (2.5 marks)
Answer:
Q2: Assume in the previous example that watering is without cost. Would you calculate alms on agriculture? (2.5 marks)
Answer:
Q3: A zakat payer has the following information: (2.5 marks)
| Investment assets valued at market value | SR 200,000 |
| Investment assets valued at book value | SR 120,000 |
| Revenues generated from those investment assets for the year | SR 50,000 |
| Actual expenses of getting those revenues | SR 10,000 |
| Saving accounts at banks | SR 50,000 |
| Short term debts due next year | SR 30,000 |
| The Price for the Gram of pure gold is SR 150 | SR 150 |
| The price for one gram of silver | SR 3 |
Required: calculate alms due.
Answer:
Q4. Compute the Taxable Income from the following information: (2.5 marks)
Itemized Deductions SAR 12,535
Gross Income 215,000
Standard Deduction 9,300
Gross Income Exclusions 8,225
Personal Exemption 3900
Deductions for AGI 4550
ANSWER:
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Accounting Chapters 1-13
Authors: Carl Warren
27th Edition
1337272108, 978-1337272100
