ACCT 422 SEU What Is the Zakat Due in Case of Watering without Cost Questions

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Description‫كلية العلوم الادارية والمالية‬
|
Assignment 2
Deadline: 18//2/2023 at 23.59 pm
Course Name: Tax And Zakat Accounting
Student’s Name:
Course Code: ACCT 422
Student’s ID Number:
Second Semester
CRN: 22626
Academic Year: 1444 H
For Instructor’s Use only
Instructor’s Name: Dr. Salah Oraby
Students’ Grade: Marks Obtained /Out of 15
Level of Marks: High-Middle-Low
marks
Notes:
•
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
•
Assignments submitted through email will not be accepted.
•
Students are advised to make their work clear and well presented; marks may be reduced for
poor presentation. This includes filling your information on the cover page.
•
Students must mention question number clearly in their answer.
•
Late submission will NOT be accepted.
‫كلية العلوم الادارية والمالية‬
•
|
Avoid plagiarism, the work should be in your own words, copying from students or other
resources without proper referencing will result in ZERO marks. No exceptions.
•
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures
containing text will be accepted and will be considered plagiarism).
•
Submissions without this cover page will NOT be accepted.
Assignment Question(s):
(15.0 Marks) Each Questions Carries 5 Marks)
1. A Zakat giver has an agricultural production at a market value of SAR 300,000. The zakat giver
has no accounting books to count the actual production expenses. Assume the zakat receptacle
reached the Nisab.
Required:
a. What is the zakat due in case of watering without cost?
b. What is the zakat due in case of watering with cost?
Answer:
‫كلية العلوم الادارية والمالية‬
|
2. A Zakat giver has a commercial building that generated an annual income of SAR 200,000 and
incurred actual expenses of SAR 50,000. The book value of the building is SAR 75,000 while its
market value is SAR 150,000.
Required: What is the zakat due?
Answer:
‫كلية العلوم الادارية والمالية‬
|
3. A Single Taxpayer In US Has The Following Information:
Item
US$
Gross Income
500,000
Exclusions
50,000
Deductions For Gross Income
100,000
Itemized Deductions
5,000
Standard Deduction
6,100
Personal Exemptions
3,900
Dependency Exemptions
3,900
Prepayments
75,000
Required: Compute The Tax Due Assuming the Tax Rate Is 20%.
Answer:

Purchase answer to see full
attachment

Description‫كلية العلوم الادارية والمالية‬ | Assignment 2 Deadline: 18//2/2023 at 23.59 pm Course Name: Tax And Zakat Accounting Student’s Name: Course Code: ACCT 422 Student’s ID Number: Second Semester CRN: 22626 Academic Year: 1444 H For Instructor’s Use only Instructor’s Name: Dr. Salah Oraby Students’ Grade: Marks Obtained /Out of 15 Level of Marks: High-Middle-Low marks Notes: • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. ‫كلية العلوم الادارية والمالية‬ • | Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment Question(s): (15.0 Marks) Each Questions Carries 5 Marks) 1. A Zakat giver has an agricultural production at a market value of SAR 300,000. The zakat giver has no accounting books to count the actual production expenses. Assume the zakat receptacle reached the Nisab. Required: a. What is the zakat due in case of watering without cost? b. What is the zakat due in case of watering with cost? Answer: ‫كلية العلوم الادارية والمالية‬ | 2. A Zakat giver has a commercial building that generated an annual income of SAR 200,000 and incurred actual expenses of SAR 50,000. The book value of the building is SAR 75,000 while its market value is SAR 150,000. Required: What is the zakat due? Answer: ‫كلية العلوم الادارية والمالية‬ | 3. A Single Taxpayer In US Has The Following Information: Item US$ Gross Income 500,000 Exclusions 50,000 Deductions For Gross Income 100,000 Itemized Deductions 5,000 Standard Deduction 6,100 Personal Exemptions 3,900 Dependency Exemptions 3,900 Prepayments 75,000 Required: Compute The Tax Due Assuming the Tax Rate Is 20%. Answer: Purchase answer to see full attachment

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