Need help with some Jurnal entries for the month of march?
Mar 1Joan also invests her used vehicle into the business. She estimates that its fair value is ,000. Joan estimates that the vehicle will be useful to the business for four years, at which time its residual value will be ,000. It will only be used for business purposes.
Mar 1Joan signs a two year lease with Dungaree Property Management for the use of a space for her show room and warehouse storage. The show room represents half the leased area. The lease is effective March 1, 2009. Occupancy will begin immediately, and the amount paid for the lease is ,000.
Mar 1Joan needs to acquire general liability insurance and protect her inventory. She purchases an insurance policy for the business from RPC Insurance Brokers for ,000. The term of coverage is March 1, 2009 to February 28, 2010. She hires a security company to monitor the premises after-hours. They will invoice quarterly.
Mar 2Joan purchases a computer system and software for her business. The system costs ,000, which Joan financed with a two year note payable. Interest on the note will be paid every three months at an annualized interest rate of 9%. Joan estimates that the computer equipment will be useful to the business for five years, at which time its residual value will be {content}.
Mar 2Joan purchases used shelving and racks costing ,000 from BGH Library Services. BGH offers credit terms of 1/15, net 30. Joan estimates this store equipment will be useful to the business for four years, at which time its residual value will be 00.
Mar 2Joan purchases on account from Grand & Toy 0 of office supplies.
Mar 3Joan purchases on account from a manufacturer 20 desks with hutch bookcases at a cost of 00 each, 20 oak credenzas at a cost of 0 each, and 40 art prints at 0 each. The manufacturer offers credit terms of 2/10, net 30 to its customers. Joan picks up the inventory from their warehouse in north east Calgary, and transports it to her show
room.
Mar 5Joan purchases on account from another wholesaler 100 sets of the latest anti-glare monitor covers and document stands. These items of inventory had a total cost of ,000. The wholesaler offers credit terms of 3/5, net 30 to its customers. Joan picks up the inventory from the wholesaler’s warehouse in south east Calgary, and transports it to her show room.
Mar 10Joan records one journal entry for the sales from the first week of business. All of the sales were cash sales, except for a large sale on Mar 9 to Spaces Direct Co. on credit. Cash sales totalled ,000. The list price of the sale to Spaces Direct Co. is ,800, but they are given a 10% trade discount. The cost of the inventory sold was ,000.
Mar 12Joan interviews and hires a salesperson, Cheech Marin, to provide in-store sales. Tim will begin working on Thursday Mar 12, and will work three days a week (Thursday through Saturday) at a salary of 0/day (assume no source deductions). Pay day will be every second Saturday beginning Saturday Mar 21, and will include all days worked up to and including the day of pay.
Mar 14Spaces Direct Co. returns some pieces from the purchase on Mar 9 (wrong colour). Joan issues a credit memo to them for the ,400 price of the furniture (original cost of 0). They are then placed back on display for resale.
Mar 17Joan records one journal entry for the sales from the second week of business. All of the ,000 sales were for cash. The cost of the inventory sold was ,000.
Mar 19Payment is received from Spaces Direct Co. for the final amount owing for the Mar 9 credit sale.
Mar 22Payments are made to Grand & Toy and BGH for the Mar 2 purchases.
Mar 24Joan records one journal entry for the sales from the third week of business. All of the ,200 sales were for cash. The cost of the inventory sold was ,400.
Mar 21Cheech is paid his wages for his first two weeks of employment.
Mar 28Joan receives a payment of ,000 from a local medical centre for wall hangings to be supplied in early May.
Mar 31Joan records one journal entry for the sales from the fourth week of business. All of the sales were cash sales, except for a large sale on Mar 29 to Spaces Direct Co. on credit. Cash sales totalled ,600. The list price of the sale to Spaces Direct Co. is ,800, but they are given a 10% trade discount. The cost of the inventory sold was ,800.
Mar 31Joan withdraws ,000 cash for her personal use
Additional March 31 adjusting entry information
1.A count of office supplies reveals that 0 of supplies remain in stock.
2.Joan estimates that the security service bill for March will be approximately 0.
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Legal Question - default on equipment lease?
My brother sold his business including the equipment while he was still paying on the lease for the equipment. He continued paying on the lease when he hit hard times. Now he cannot make the payments and the equipment lease company is trying collect by calling him and his wife day and night and being really nasty. He doesn’t have the money right now. What are the consequences here? There is no equipment for the compnay to repossess. They probably could not recover cost of repossessing it and selling it to cover that cost and what is owed. Will they pursue that? Can my bro be criminally charged?
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Businesss line of credit. I have fair credit. Is there a lender?
MY HUSBAND & I WANT TO TAKE OVER AN EXISTING RESTAURANT. THE LINE OF CREDIT WOULD PURCHASE THE COMPUTERS, SECURITY SYSTEM (CAMERAS & MONITORS), FURNISHINGS, DINNERWARE, FLATWARE, ETC. THE BUILDING AND EQUIPMENT IS LEASED. THIS SEEMS LIKE IT WOULD BE EASY. BUT IT HASN’T BEEN. PLEASE POINT US IN THE RIGHT DIRECTION.
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Is it possible to break a lease for a kitchen or equipment rental for a restaurant?
I know an owner who is in financial difficulty. His business model has changed to wine and beer, however he has a large amount of kitchen equipment which is not being used. Any suggestions would be appreciated.
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Why wont the news media tell you the rest of the story on HR 6? Taxing “Big Oil” isnt the only part..
section 2, title II, section 204 and we actually page 10 under section 204, item C. And I will read this, will find this stunning that it is actually in print. That transfers item C, line 4, page 10: A lessee shall not be eligible to obtain any economic benefit of any covered lease or any other lease.
So President Clinton’s team had negotiated bad leases, and now our friends are saying that those bad leases must be stopped. We simply need to stop them. We don’t need to unravel them. We don’t need to go through the thorny process of making it right for both sides as we unravel. We simply are going to punish you by not allowing you to derive any economic benefit from this type of installation. I will tell you, that undermines the full faith and credit of the United States. If we cannot depend on the word of the United States, then what do we have? I would draw parallels to things that other countries have done. In Venezuela, Hugo Chavez in 2001 raised the royalty rates from 1 percent to 16 percent just like that. Now, I will tell you as a business guy, if you know that a cost is going to be 1 percent or 16 percent, it is sort of irrelevant, but you must know that the cost is steady. When he raised those rates just at a single point with no ability to redesign these types of infrastructures, then he severely limited the interest of people to invest in that country, and certainly
[Page:
H782] GPO’s PDFthat is exactly what is happening. Foreign firms are already curtailing their investments in that country.
So in Venezuela we see that there is an attempt to change existing contracts, very similar to the way that we changed yesterday on the floor of this House of Representatives, and it has affected the desire of people to invest in Venezuela.
In Bolivia we have the same thing. The Bolivian government threatened to expel oil companies from that country in 2006 if they did not agree to new government terms on existing contracts. What has happened? I think you could forecast what has happened. What is done is that foreign investors are now beginning to reconsider whether or not they will actually be a part of the Bolivian economy or not. This is the thing that all shareholders, they will live with any certainty in life, but they will not live with uncertainty. And when we begin to change the contracts, they begin to pull their investments out and go to places where certainty is more of a potential.
In Russia we have seen the same thing. Companies such as Shell, Exxon, BP have had valid oil and gas leases in Russia for years. President Putin had a number of government agencies threaten to pull these leases for a number of suspect reasons. By threatening to pull these leases, Shell was forced to give up assets that were worth billions of dollars. So we see in Russia this attempt to maneuver contracts, to manipulate contracts much as what we did yesterday, and the effects are very bad. Long term, Russia will not have people who are willing to come and invest in that country.
In 2001, I had the opportunity to go as a company; my wife and I had a small company that dealt in oil and gas, repairs of oil wells. Russia was looking for such capability. So in 2001, I went with a team of people who did various different projects. We were the ones who did down hole repairs on oil wells. They took me, they showed me files of maybe 6,000 or 8,000 wells that were simple to correct, yet they in their technology in 2001 did not have access to even the basics that my father had seen here in the United States in the early 1950s when he was working in the same industry. My father retired from Exxon; his whole life was work.
So when I went back, I showed him the videos of the equipment that was in Russia in 2001. He said, “Son, in 1950 we were more advanced than what we are seeing here.”
When countries are unwilling to allow people to have stable returns, it doesn’t have to be high returns, low returns, but there must be stability and there must be predictability. When countries do not allow that, there will be no investments. And so here Russia was with over 6,000 wells asking me in 2001 to come and fix because they did not have anyone that was capable of fixing them.
I determined that the environment was very, very unsettling in Russia, so we actually opted not to become a part of the team that went there. There was a company that was about 10 times our size located in Abilene, Texas. They did go. That was about maybe a million company, maybe a 0 million company. Within 2 years, they were selling everything at bankruptcy because the Russians, as you can predict, said, “No. These assets are going to belong to us.”
So this contracting problem that was attempted to be cured yesterday in legislation I think is going to be, instead of a fix, is going to cause prices to be higher at the pump, investments to be less, and at the end of the day we are going to wonder if maybe we did not empower a bunch of enthusiastic amateurs to go around and make commitments on behalf of the Federal Government. We shall see. I wish my friends well.
I would say that I am not the only one who wonder about the contracts. Just day before yesterday the Washington Post had an editorial which declared that these elements that are included in the bill, the ones that begin to undo the contracts that we voted on yesterday and pushed by the majority in this House, the Washington Post declared those solutions to be ones that Russia and Bolivia would be proud of.
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Where can I find a company that will lease stone fabricating equipment with an option to buy?
I currently fabricate stone (quartz) counter tops and am looking for equipment for fabrication.
Items include:
Bridge saw
Radial Arm Polisher & Router
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1 computer, use as 2? (1 box, 2 monitor, 2 sets of mice/keyboard)?
My computer can pull at lease 4 workstations (i tried) but i’m not shore how to do it from a single box.
Heres what i have:
- Gigabyte X38 intel motherboard (8 back USB’s for thouse mouse/keyboard/UI stuff)
- Intel Core2 Quad Q6600 (OC’d to 3.6GHz/core)
- ATI Radeon 3850 (has 2 DVI+1 S-Vid)
- Alot of ram… many gigs
- 2 very nice looking 
22" monitors
- 2 mouse
- 2 Keyboards
- 3 hard drives
- 1 DVD drive (can get 1 more)
I just need to be able for 2 people to use the comp at once. One of them only needs to be able to chat.
I also don’t mind buying some extra equipment for the job. (maybe another graphics card? since i have 2 PCI-E slots, dosn’t realy matter)
Thanks in advance for your help guys.
thanks for your help guys. I’ll just buy me GF another computer then … sounds easier
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The best Criminal background check Website?
I got swindle by some customers and do anybody know for a FACT of a real good criminal background check Website because I’m a business owner Of a small equipment leasing company (ONLY ANSWER IF YOU KNOW FOR A FACT)
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Should we give money to poor ppl?
ZAKAAT (Alms)
Ramadan is the month of giving and benevolence, the Messenger was more benevolent than a falling rain. Muslims are encouraged to emulate the Messenger of Allah (saas), to assess and pay their Zakaat during the month of Ramadan, thus combining the two pillars of Islam at the same time.
Zakaat (alms) is the name of what a believer returns out of his or her wealth to the neediest of Muslims for the sake of the Almighty Allah. It is called Zakaat because the word Zakaat is from Zakaa which means, to increase, purify and bless.
Who Should Give Zakaat
The obligation of Zakaat is mandatory on every Muslim who possesses the minimum Nisaab, whether the person is man, woman, young, old sane or insane. Because the proof of Zakaat in Al-Qur`an and Sunnah is general and does not exclude young or insane. Allah (SWT) stated that: "Of their goods take alms so that thou mightiest purify and sanctify them…" (Al-Qur`an, 9: 103)
Imam Ibn Hazim said that every Muslim young or old sane or insane needs to cleanse his or her wealth with Zakaat because of generality of the evidence. Anas bin Malik reported that the Messenger of Allah (saas) said: "Trade with the money of the orphan, lest it is eaten up by Zakaat." (At-Tabraani) In another Hadith `Amru bin Shuaib related from his grandfather that the Messenger of Allah said:
"Whoever is entrusted with money of an orphan should trade with it and should not leave it sitting to be used up by charity." (Tirmidhi)
The point of reference in these reports is that the Messenger (saas) urged the trustee on the estate of people who due to age or other reasons cannot manage their own financial affairs, to invest it in a business that will yield a return and make it grow until they are in a position to do so themselves. For, if proper investment is not made with an ophan’s inheritance, it will be depleted by charity, thus leaving the orphan with little or nothing.
The Nisaab
The Lawgiver, Allah has prescribed the minimum amount that is obligatory for Zakaat in different ranges of properties, and that minimum amount is known as nisaab. The reason for nisaab is to ensure that no one is forced to give Zakaat out of what he or she does not have, and that no wealth goes without Zakaat. Nisaab is also an insurance against the tyranny of the state to tax the poor and or the neediest as is the case in many countries. Nisaab is a reference point for the average Muslim who is not sure whether he possesses the minimum wealth on which Zakaat is obligatory. The wealthy need not worry about the Nisaab. Zakaat is obligatory on their entire wealth and must be paid out at the end of financial year that they set for their Zakaat.
The Nisaab will not be valid unless it fulfills two conditions:
1) The amount that has reached Nisaab must be the excess or surplus known as "faadil" from one’s essential needs such as food, clothing, housing, vehicles, tools and machinery that is used in business. The essentials for living are exempted from Zakaat.
Although what constitutes nisaab may change from one country to another, the amount that is needed for the basic needs of living in different countries is very similar, because the market place determines the prices, whether it is an official market or a non-official market. In the poorest countries people do without or live below the poverty standard, and that is why many go hungry or without basic essentials.
However, we must realize that Zakaat is an act of worship (ebadah) like Salaat. The element of intention (niyyah) is necessary, and we should not overly rely on state agencies to determine for us the requirements of our religious duty. The so called the "consumption basket" (that is poverty level as determined the social security administration which are updated every fiscal year) may not be the same as what Islam considers minimum Nisaab.
In the industrialized countries, the consumption basket may include items that are not necessarily essential, such as entertainment, extra clothing, variety of food, eating in restaurant or eating at home, owning more than one car as opposed to having three cars in the driveway, drinking water as opposed to juices, eating regular food or special "health" food. This is why I believe it is essential that we do not lose site of the fact that Zakaat is ebadah of wealth, like salaat and fasting. Non Muslims may consider all the things mentioned above as essentials while Muslims will not. Indeed, no Muslims in good standing will attempt to hide behind the label of consumption basket so as to evade Zakaat.
Nisaab eliminates the possibility of injustice or unfair treatment of the Zakaat payer. To suggest that if we do not follow the rules of International Monetary Fund or the arbitrary figures of social security administration or department of agriculture we will be doing injustice to the Zakaat payer is ludicrous.
2) Nisaab must mature, that is the money is not liable for Zakaat unless it has remained a full year in the possession of a person. This is the understanding of the majority of the scholars. Imam Abu Hanifah (raa) said: "What should be considered is the existence of nisaab at the beginning and the end of the Zakaat year set by the payer". It does not matter if the nisaab money increases or decreases during the calendar year, as we will explain later.
This condition does not include farm produce, for it is due on the day it is harvested. Allah (SWT) stated: "… But render the dues that are proper on the day that the harvest is gathered…" (Al-Qur`an, 6: 141) According to Imam Al-`Abadi, (raa) Zakaat money is of two kinds: one that by its nature can not be invested and Zakaat of this category is due on the day of harvest. This includes all the farm produce that is liable for Zakaat. The other is wealth that can be invested in the hope of a good return, like cash, gold or silver, because the opportunity is there that cash in one’s hand can be invested for a good return. This includes currency investment, merchandise and livestock. Their Zakaat is not due until they have matured in one full year.
The proof of this condition is the Hadith related by Ibn `Umar that the Messenger of Allah (saas) said: "He who acquires property is not liable for Zakaat on it till a year passes." According to Ibn Rushd (raa) this is the understanding of the majority of scholars, including the four rightly guided Khalifahs.
Zakaat Of Salaries
The condition of yearly term maturity applies to the commodities on which the Lawgiver said Zakaat is due, and this includes silver, gold, modern paper currency and livestock. Paper currency is analogous to silver, therefore, it takes the case of silver. There is no Zakaat on salary, earned income from wage earners or professionals or independent contractors until such money matures in a full year. There is no such thing as paying your Zakaat on the day you receive your paycheck. What the wage earner must know is that he or she can purify that money with charity (sadaqah) anytime they cash the paycheck. Allah (SWT) states: "And in their wealth and possessions (was remembered) the right of the needy, he who asks and he who (for some reason) was prevented (from asking)." (Al-Qur`an, 51: 19).
We can deduce from the concept of "yearly maturity" of wealth on which Zakaat is due as encouraging, among other things, saving on the part of the Zakaat payer, and enhances the chances for eradicating poverty, because if the poor receives his rightful share of Zakaat there will be the possibility that he can take Zakaat money and invest it and become a Zakaat payer instead of recipient. This possibility will be lost if he receives few Zakaat dollars every month. To say that the wage earner just brings his check home and spends everything on necessities and lives from check to check with nothing left over means the person is eligible for Zakaat.
Using farm produce as analogous to salary for Zakaat is wrong analogy. As Imam Al-`Abadi said, these are two different categories of money. , 500.00 cash can be invested by the person and expect a good return whereas it will be difficult to invest a bushel of corn. It can be traded as a commodity, which is what it is. This why we must know that analogy has rules that must be followed before it is applied. Certainly the jurists are unanimous that earned income, known as almal al-mustafadah, should either be added to existing money and wait until that amount reaches maturity and then give their Zakaat; or if there is no money on hand the time one possesses this money, he or she should wait one full year before assessing it for Zakaat.
Zakaat is one of the five pillars of Islam and a vital element in the religion of Islam. It is the twin sister of Salaat. In Al-Qur`an, Allah (SWT) stated: "So establish regular Prayer and give regular Alms; and obey the Messenger; that you may receive mercy." (Al-Qur`an, 24: 56) Also, "…Establish regular Prayer and give regular Alms, and loan to Allah a beautiful loan…." (Al-Qur`an, 73: 20) "And they have been commanded no more than this: to worship Allah, offering Him sincere devotion, being true (in faith); to establish regular Prayer and to practice regular charity; and that is the religion right and straight." (Al-Qur`an, 98: 5)
In a famous Hadith reported by `Umar Bin Khattab (raa), the Messenger of Allah (saas) responded to Jibreel (as) and said: "… Islam is to testify that there is no deity but Allah and Muhammad is the Messenger of Allah, to perform the prayer, to pay Zakaat, to observe fasting in Ramadan, and to make pilgrimage to the house of Allah if you are able to do os…." (Bukhari, Muslim)
There is consensus among Muslim scholars that it is mandatory on every believer who is financially able. Whoever knowingly denies this obligation, while he possesses the minimum amount, would be considered a disbeliever and a renegade from Islam. Whoever is stingy, or tries to cheat, is considered among the wrongdoers. Zakaat is mandatory on four categories of items.
1. Farm produce of seeds and fruits, such as wheat, barley, rice, dates, raisins, cocoa, pistachios, coffee, cashews. Allah (SWT) stated: "O you who believe, give of the good things which you have (honorably) earned, and of the fruits of the earth which We have produced for you…" (Al-Qur`an, 2: 267) Also: "… But render the dues that are proper on the day that the harvest is gathered…" (Al-Qur`an, 6: 141) Thus, these two verses and many others indicate that Zakaat is due on farm products that reached the minimum amount (nisaab). No farm product is liable for Zakaat unless it is a product that is considered as food and can be stocked or saved naturally without refrigeration. If the produce is perishable fruit, such as grapes, there is no Zakaat. But if one sells them they will pay their Zakaat on the profit earned when it matures.
The nisaab is 612 kilos, which equals 1,346.40 lb. There is no Zakaat on produce that is less than this amount. If the farm produce or crops grow dependant on rainwater, or without any man’s labor or irrigation, Zakaat due is one-tenth of the total. If it is grown by irrigation, then the Zakaat due is half of one-tenth of the total produce. There is no Zakaat on fruits like apples or oranges or vegetables which are perishable and need refrigeration for long storage, but they should be considered as any income if the profit earned from their sale reaches the amount of Zakaat, then Zakaat should be given.
2. Cattle, including camels, cows, sheep and goats, that are freely graze and are raised for trade and production. For Zakaat to be obligatory, the number must reach the nisaab. The nisaab of camels is five, of cows 30, of sheep and goats, 40. By freely grazing is meant the animal goes out to feed without the owner buying or bringing it feed or hay. If it is not a grazing animal, there is no Zakaat in the stock by itself. The stock will, however, be considered as articles of trade, then will be assessed for Zakaat as articles of trade when the profit earned from their sale reaches the amount by itself or in combination with other articles of the trade.
3. Merchandise and goods of trade and commerce. This includes anything that is obtained for the business of buying and selling: land, animals, food provisions, fabric, cars, spare parts, etc. This inventory is evaluated annually and assessed for Zakaat, whether the value is the same as the amount spent on it, more, or less. The owners of grocery stores, like any other business, must evaluate every item and give their Zakaat. Simple bookkeeping of inventory, orders, cash on hand, and credits, that is non-delinquent loans, will give one a good picture of the zakaatable assets. But if one is unable to account for everything in the store or shop, he should assess it according to his ability until he is sure that his conscience is clear.
There is no Zakaat on what is within one’s dwelling or property which includes food, drinks, furniture, houses, animals, cars, clothes and shoes. The only exception is gold and silver. There is no Zakaat on assets from rentals or lease, whether they are apartment units, taxi cabs, etc. That is, there is no Zakaat on the apartment units, buses or cars for rental like yellow cabs company or trucks for rental or equipments. But there is Zakaat on the proceeds or incomes from these rental assets if these assets reach the executable amount, either by themselves or in combination with other assets.
Business Activities
Many scholars are of the opinion that any business activity that brings any return to the entrepreneur or investor should be assessed for Zakaat. If the activity has a prescribed nisaab, such as gold, silver or paper currency, that nisaab is applied for Zakaat. But if the business has no declared nisaab, its nisaab is the nisaab of commerce, one reason being that most business activities are considered as commerce and because, in actual fact, it is not factitious business name, such as GM, Apple or GE that is taxed for Zakaat, it is the individual investor. We do not tax cooperations such IBM, Apple, GM or Rajihy Bank but the individual investors, share holders and owners of these corporations.
Indeed, there are enough rules in Zakaat books to cover all types of business activity, be it cash or risk investment. If the business activity is analogous to commerce, it should be assessed the same rate as commerce. To subject the business to a different Zakaat rate of 10%, which is the rate of farm products instead of its correct rate of 2.5%, the rate of commerce, is unfair and unjustified. Besides, there is no proof, even a weak one, to justify this unfair arbitrary taxation. The difference between 2.5% and 10% is high. The Zakaat system is not like a state revenue collection, but Allah’s `ebadah. However, if a business person decides to give more than 2.5% after deducting all the expenses including depreciation, Allah (SWT) will accept it from him.
4. Gold and silver, whether used for commerce or jewelry. Allah (SWT) states: "…And there are those who bury gold and silver and spend it not in the way of Allah: announce unto them a most grievous penalty. On the day when heat will be produced out of that (wealth) in the fire of hell, and with it will be branded their foreheads, their flanks and their backs. This is the (treasure) which you buried for yourselves: taste you, then, the (treasures) you buried." (Al-Qur`an, 9: 34-35). By hoarding is meant refusal to give it in the path of Allah, which includes Zakaat.
In a hadith reported by Abu Hurairah (raa), the Messenger of Allah (saas) said: "For the owner or possessor of gold and silver who does not fulfill its obligation, on the Day of Resurrection it will be cast into sheets of fire and be branded on his forehead, side and back. Whenever it cools it is to be repeated for him in a day whose length is the length of fifty thousand years, until the judgement is rendered among the people." (Muslim). By its obligation is meant assessing it for Zakaat. In another version: "No possessor of a treasure who does not give its Zakaat."
Zakaat is mandatory in gold and silver, irrespective of its form: in coins, raw or nugget, or jewelry for wearing, or for rent, because of the generality of evidence of Zakaat without any detail. In a report by Abdullah bin `Amr bin `Aas (raa), he related that a woman came to the Messenger of Allah with her daughter. On the daughter’s wrist were two heavy gold bracelets. The Messenger asked her, "Do you pay Zakaat on this?" She replied, "No." The Messenger said: "Would it please you that Allah will encircle you with two bracelets of fire?" The reporter commented that she took them off and threw them down in front of the Messenger, and said: "They are for Allah and his Messenger." (Ahmed, Tirmidhi).
The Messenger’s wife reported that: "The Messenger entered into my house and saw in my hand a huge ring made of silver, so he asked, `What is this?’ I replied, `I made them to beautify myself for you, O Messenger of Allah.’ He inquired, `Do you give their Zakaat?’ I said, `No,’ or `Allah willing.’ He said: `It will suffice you in the hellfire.’" (Abu Dawuud).
Zakaat is due on gold when it reaches the amount of (nisaab), which is 20 Dinaar. According to a hadith, the Messenger said: "No Zakaat on you is due until it reaches 20 dinaar." (Abu Dawud) The Islamic dinaar (currency) is one mithqal, a unit of weight which weighs four and one quarter of a gram. Thus, the nisaab is 85 grams. This is equal to .00 US dollars.
Similarly, there is no Zakaat on silver until it reaches five oqiyah, because the Messenger said: "There is no Zakaat on less then five oqiyah." (Muslim/Bukhari) Oqiyah is equal to forty Islamic dirhams. The nisaab is 200 dirhams. One dirham is equivalent to 595 grams. The zakaatable amount in both the gold and silver is a quarter of a tenth only.
Paper Currency
There is Zakaat on modern paper currency because it is equivalent to silver. During the early days of Islam, silver and gold were the currency of exchange minted into dirham for silver and dinaar for gold. Silver, not gold, had a larger circulation. Thus many scholars are of opinion that silver should be the standard for the paper currencies of today because that is more advantageous to the Zakaat payer, as it raises the minimum nisaab whereas gold lowers it. Although both metals are no longer circulated, they are still considered as a security against ever fluctuating paper money.
Silver should be used as a standard to assess Zakaat annually, not paper currency, even if the currency is hard currency like the US dollar, Yen and Deutch Mark or Pound Sterling. Because these currencies are backed by political decisions that may not have anything to do with the economy, the value and strength of this paper money depends largely on all haram usury system of interest rates.
Thus, the Zakaat payer should look up in the local newspaper’s financial or business section for the price of silver which is currently about .82. per ounce. The nisaab, then, is 596 x .04=28.80 ounce multiplied by.82= 90.91. therefore. The nisaab is about 0.00, as of December 17, 1991.
The nisaab should be based on the market value of the currency. If the money is hard currency, there will be no problem, but if the money is a non-marketable currency, like most currencies in the third world countries, the nisaab should be based on the black market, which realistically reflects the value of the currency on the money market. In any case, the silver rate should be used to assess the Zakaat.
If the nisaab is determined, the zakaatable amount is 2.5%, or .025 multiplied by the amount. For instance, if the zakaatable amount is ,000.00 it will be 56,000. x .025 = ,400.00.
Zakaat is due on gold, silver, and or paper currency, whether it is cash in hand or credit in the hands of borrowers. Zakaat is due on debts or cost of merchandize or rental money. If the borrower is a wealthy person that you know will pay back the debt, the lender (that is Halaal lending free of usury) should include that money in the assessment and give its Zakaat. However, one can delay Zakaat on a loan until he receives payment, then return its Zakaat for the past years that he was unable to assess for Zakaat. If the borrower is poor or is refusing to pay the debt, there will be no Zakaat on the money until the lender receives the money. Then he will assess it for Zakaat of one past due year, but there will be no Zakaat in the years before that.
There is no Zakaat on precious stones such as diamonds, or metals such uranium, regardless of their value. Gold and silver, of course are assessed for Zakaat. However, if a person possesses any of these stones or metals, he should give their Zakaat like any other articles of trade. If a person possesses diamonds or any other precious stones as an edge against inflation or for ornaments, there will no Zakaat on these.
How To Give Zakaat
Zakaat may be assessed and returned in two ways:
a) Make a record of all money earned, either daily or monthly, which has reached the nisaab and remains in the treasury. The Zakaat of that money would be due one year later on the same day the money was earned and reached nisaab. This means every month’s income must be set aside and assessed for Zakaat and so will be the case for the rest of the months. For instance, the income of January, 1991 will be assessed for Zakaat in January, 1992, and the income of February, 1991 will be assessed for Zakaat in February 1992, etc. This method of assessing Zakaat is very difficult because it entails complete bookkeeping of daily or monthly earnings.
b) The best way is to set a day or a month, preferably Ramadan, for your annual Zakaat return calendar, say Ramadan 1st, 1412. One year later on the same day Ramadan, 1413, your Zakaat is due and payable. Whatever is in the savings is due for Zakaat, regardless of whether all the amount in the savings reaches a year or not. For instance: if you have ,000.00 in the savings account on the 1st of Ramadan, 1412 and one year later by the 1st of Ramadan, 1413 there is , 000.00, your Zakaat will be assessed for ,000.00, that is: .000.00 x .025= ,250.00. If, on the other hand, by the 1st of Ramadan, 1413 the amount in the savings is ,000.00, your Zakaat will be for the amount in the savings, that is ,000.00 x .025= 5.00. This method is the best because it is easy to assess, meets one’s obligation and relieve one’s conscience.
The Recipient Of Zakaat
Knowing who qualifies as recipient of Zakaat is an important aspect of Zakaat collection in Islam. Fortunately, Allah (SWT) has been merciful to us in that He Himself spelled out the people eligible to receive Zakaat. In Surah Tawbah He stated:
"Alms are for the poor and the needy; and those employed to administer (the funds); for those whose hearts have been (recently) reconciled (to truth); for those in bondage and in debt; in the cause of Allah; and for the wayfarer: (thus is it) ordained by Allah, and Allah is full of knowledge and wisdom." (Al-Qur`an, 9: 60) In this verse Allah enumerated the people who deserve this divine welfare, and they are as follows:
The poor and the needy. These are individuals, and those under their care, to live on. By the poor and needy is meant the people whose income or salaries, or whatever material goods they have, fall short of the cost of living in a given environment and economy. The poor and the needy should be given what will suffice them and their families for one full year. The needy who want to get married and have no means should be given enough for this purpose, and so, too, the student who needs money for tuition, rent, food, and books. The working poor should be given supplementary Zakaat. But the wealthy, or any person with enough income to live on should not be given Zakaat, even if they asked for it. Instead, they should be warned and admonished for asking for what does not belong to them.
In a hadith reported by Abdullah bin `Umar, the Messenger of Allah (saas) stated: "A man keeps on asking others for something till he comes on the day of Resurrection without any piece of flesh on his face." (Bukhari/Muslim). This hadith indicates a humiliating appearance before Allah (SWT) that awaits a person who asks illegally.
Some said: this hadith implies Allah will punish a person with the very limb, the face, that he used to impress on others to give him their money unlawfully.
In another hadith reported by Abu Hurairah, the Messenger of Allah said: "Whoever asks people for their money so as to get rich, he is asking for flames of fire. It is up to him to ask for more or less (he should beware)." (Muslim) This hadith indicates the severity of the punishment, the more one asks the more punishment, the less one asks the less the punishment.
In another hadith, reported by Hakeem bin Hizaam said: I begged the Messenger of Allah and he gave me. I begged again, and he gave me. I begged again and he gave me. He then said: "This money is green and sweet; he who receives it from people with a cheerful heart, Allah will bless him in it; he who receives it, with an avaricious mind would not be blessed in it. He will be like the person who eats without being satisfied; and the upper hand is better than the lower hand" (Muslim)
This hadith gave an analogy between money and green, ripened fruit that people love to eat. Thus, it indicates that both are greatly loved but easily finished. For money that is easy come easy go, one must be careful about the punishment that awaits the illegal eater. If a person asks for Zakaat and there are no signs of wealth, and he does not know that he should not ask, or a person who is well and able, who can work, but does not; if these people do not know that it is not permissible for them to ask, it may be given anyway.
In a hadith reported by Ahmed, Abu Dawud, and Nasa’e, two men came to the Messenger of Allah (saas) and asked for Zakaat. He looked at them closely and found them strong and able, he said, "If you want I will give you. But you should know that the wealthy or an able person who can work has no share in Zakaat" (Ahmad)
Those who administer the Zakaat department, assigning people for collecting, bookkeeping, making lists of people eligible for Zakaat, and a financial calendar. These people will receive Zakaat as compensation for their work, even if they are wealthy. This does not include a person who works as an agent for one or two wealthy people to take Zakaat for himself. They should donate their time for Zakaat disbursement and do it with honesty and truthfulness. If they can not, they should be paid or rewarded for their time. In a hadith related by Abu Musa Al-Ashi`ari (raa), the Messenger of Allah said: "A trustworthy Muslim executor is the one who executes completely what has been entrusted to him of Zakaat money in good faith." (Bukhari)
That is, he will give the Zakaat money to any of the eligible recipients of Zakaat. He should carry on the duty voluntarily, but if he can not distribute the money without being paid, the Zakaat payer should pay him for his work. The payment for the service of distributing Zakaat should not come out of Zakaat money.
The new converts to Islam whose hearts we want to harmonize into the fold of Islam, either because their faith is weak or we are afraid of their being harmed, should be given Zakaat to strengthen their Iman or until we no longer fear their harm.
The bonds person who has contracted with his master to buy himself out of bondage deserve Zakaat and should be given enough to pay off their debt to the master and be freed themselves; similarly, Muslim prisoners of war if their freedom is tied to monetary payment, deserve Zakaat sufficient enough to secure their release.
On the other hand, if a pearson accidently killed someone and have no means to pay off the blood money, he should be helped from Zakaat funds.
The people in debt are of two kinds:
(A) The guarantor, who takes the responsibility of someone else’s debt so as to reconcile the two warring parties, to extinguish the fire of fitnah between them. If the person requests Zakaat money to pay off this debt he should be given it, which will encourage him to continue in this noble cause.
In a hadith reported by Qubaysah Al-Hilaaly (raa), he said I was under debt (hamaalah) and I came to the Messenger (saas) and begged him to help me pay it off. The Messenger told him: "Wait until we receive charity, so we will command that it be given to you." However, the Messenger stated: "O Qubaysah, begging is not permitted except for one of three categories of people:
A man who has incurred debt (as guarantor to reconcile blood wit) for him begging is permissible till he pays that off, after which he must stop it; a man whose property has been destroyed by calamity which has smitten him; for him begging is permissible till he gets what will support life or will provide him reasonable subsistence; and a man who has been smitten by poverty, the genuineness of which should be confirmed by three knowledgeable members of his people; for him begging is permissible till he gets what will support him, or will provide him subsistence. Besides these three, Qubaysah, begging is forbidden for every other persons, and one who engages in such consumes that which is forbidden." (Muslim)
(B) Whoever incurs debt and has no money to pay it back will be given from Zakaat to help pay his debt, whether the amount is large or small; or his creditor should be paid directly on his behalf, so long as it is paid off.
Zakaat can be given in the path of Allah. By this is meant to finance a Jihad effort in the path of Allah, not for Jihad for other reasons. The fighter (mujahid) will be given as salary what will be enough for him. If he needs to buy arms or some other supplies related to the war effort, Zakaat money should be used provided the effort is to raise the banner of Islam.
The wayfarer. This is the traveller who in a strange land runs out of money. He or she deserves Zakaat, enough money to take him back to his country, even if he is wealthy and can find someone to loan him the money. On his part, he should take with him on his trip sufficient money, if he is wealthy, so that he will not need Zakaat. Zakaat money can not be used to pay off other obligations, such as giving Zakaat money to people you are obligated to take care of by law; or Zakaat money can not be used to pay for hotel and food expenses.
It is, however, permissible to give Zakaat to a wife or family member, provided it is not part of their daily living expense money, but is needed to pay off a debt for one’s wife if she can not pay it. So is the case for one’s parents if they can not pay their debt.
Zakaat money may be given to members of the family for their expenses if one is not obligated to take care of them financially. The wife can pay off a debt of her husband with Zakaat money, because he may be among the eight eligible recipients and she is not obligated to spend on him as he is on her.
The eight eligible recipients of Zakaat can be denied their right to Zakaat without proof from Al-Qur`an or Sunnah. In a hadith reported by Ibn Mas`ud, his wife Zaynab heard the Messenger of Allah order women to give Zakaat, so she asked the Messenger (saas): " O Messenger of Allah, you commanded us to give Zakaat, and I have jewelry that I wanted to assess for Zakaat, but my husband Abdullah bin Mas`ud claimed that his son deserves it more than anyone." The Messenger replied: Your husband Ibn Mas`ud is right. Your son deserves your charity more than anyone." In another hadith reported by Salman bin `Aamir, he said the Messenger of Allah said: " Charity to the poor is only charity, but charity to the rest of kind is charity and maintenance of relations (sillah)." (Nisaee)
No loan should be written off as Zakaat because Zakaat is taken and given. Allah (SWT) said: "Of their goods take alms…." (Al-Qur`an, 9: 103) And in a Hadith the Messenger has been reported as saying: "Allah has mandated on you Zakaat to be taken from the wealthy and to be given to the poor." Thus, writing off debt is not taken. For instance, If you loan a person money, you can not write off that loan as a Zakaat. However, it could be written off as sadaqah charity. Furthermore, loan, delinquent or not, is considered an absent money, therefore, it should not be transacted in Zakaat. for Zakaat is assessed only in cash in hand. Besides, debt money is valued less than cash in the hand, and using that money for alms is like exchanging good money for bad.
The assessor of alms should try to give his Zakaat to an eligible person, but if he makes a mistake and gives it to an ineligible person it is accepted. In a hadith related by Abu Hurairah, he said the Messenger said:
"A man expressed his intention to give charity, so he came with his charity and placed it in the hand of an adulteress. In the morning the people were talking and saying charity was given to an adulteress last night. The donor said: O Allah, to thee be the Praise - charity to an adulteress! He then again expressed his intention to give charity, so he went out with it and placed it in the hand of a rich person. In the morning the people were talking and saying charity was given to a rich person. The donor said, O Allah to You be the praise - charity to a rich man! He then expressed his intention to give charity, so he went out with his charity and placed it in the hand of a thief. In the morning the people were talking and saying charity to the thief. So the man said, O Allah to You be the praise (what a misfortune that charity has been given) to the adulteress, the rich and the thief! Then someone came to him and told him your charity has been accepted. As for the adulteress the charity might become the means whereby she might restrain from fornication. The rich man might perhaps learn a lesson and spend from what Allah has given him, and the thief might thereby restrain from committing theft. (Muslim/ Bukhari)
http://www.islamfortoday.com/beliefs.htm
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Is it better to lease or buy office equipment?
I have been put in charge of finding the most cost effective scanner or copier/scanner for the office. Is it more cost effective to buy the scanner outright or lease one and pay a per copy fee?
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Need Help about Quickbooks (you can send the answer to zola_papou@yahoo.com?
i have homework about Quickbooks sofware and i dont’n know how to make these entries, can anyone help? the following are entries
January 2 The owner, Haneen Mousa, invested ,000 cash by depositing it in the business account at QNB. In return, she received 1,000 shares of par value common stock.
January 2 Paid Fatma Mohammed, an attorney, 5 for her services to help organize the corporation.
January 2 Paid the Qatar Corporation Commission a total of for charter and filing fees.
January 2 The owner signed a contract to lease a small shop at a monthly rent of 0. You paid ,500 for a three month period to Qatar Rent-It Company.
January 3 Paid 0 to the Gulf Insurance Company for one-year insurance policy.
January 3 Purchased equipment from Qatar Equipment Corporation for ,000 paying a down payment of ,200 and agreeing to pay the balance within 30 days.
January 4 Purchased on account office supplies costing 0 from Supplies Inc.
January 5 Purchased repair supplies for 0 from Hamad Electronic Supply Company. You paid for you in cash.
January 9 Paid to the local newspaper for advertising the opening of the new business.
January 12 You repaired a chair for Ahmed Suleiman. The total bill was . When he picked up his chair, he paid you and agreed to pay the balance within 30 days.
January 29 Received a check from Ahmed Suleiman for the mount due on his account.
January 30 Received the January telephone bill for from Q-Tel and decided to pay it in February.
January 30 Received the January utility bill for 0 from Kharama and paid it.
January 31 Mohsen Ibrahim chair had been repaired for a total of on account.
January 31 Your first month cash repair revenue totaled ,030.
January 31 Paid Qatar Equipment Corporation the balance due on account.
Adjusting entries for January:
1.Office supplies with a cost of 5 are on hand at the end of the month.
2.Repair supplies with a cost of 0 are on hand at the end of the month.
3.The estimated useful life of the equipment is 5 years with no salvage value. Use straight line depreciation method.
4.You decided to amortize the organization costs over a period of five years.
5.Examine the prepaid rent account for possible adjustments.
6.Examine the prepaid insurance account for possible adjustment.
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I am thinking of buying this local gym. Do you think it is a good idea? ANY help would be great! thanks!?
I do not have the funds to buy a huge business so I’ve started looking small. I want to get my feet wet so to speak with buying, running, and then selling a business.
I have come across a local gym that has been there for 28 years. They have a website and an established brand. The asking price is ,000. The rent is 00 per month and the income for October was 00. There are only two pieces of equipment on lease and they are going to be bought out and included in the purchase price as well as all of the equipment in the gym. I believe the equipment alone may be worth the cost of they gym. That is all of the information I know for certain. I have just sent a follow up email asking for the financial statements for the past 3 years, for the number of employee’s and their total monthly salary, and for the business’s current liabilities and monthly expenses besides rent.
I have also asked very humbly how many hours each week the owner needs to put in and what is the real income of the owner after all of the expenses each month, just to get a better picture. Hopefully that wasn’t too much to ask?
My thoughts are that if it only requires 20 hours or so a month to make 00 a month, it seems a pretty good deal. I would also consider getting rid of an employee and assuming their hours at the gym in order to increase my personal income. I was told that the owners are a husband and wife (owned for 8 years now) and they are selling because the husband is an executive working 60-70 hours a week while going to school at night and that the wife is a stay at home mom and that they do not have the time to manage the gym, although it has pretty much run itself they say.
Sorry to be so lengthy, but that is all of the information I have. I would love to hear what all of your thoughts are on this purchase and how much you really think I’d make here. Of course, if it ends up requiring 50 hours a week to make K a month, I’ll turn it down. I cannot see very many other opportunities though within my price range of -40K. I currently pay 0 a year for my own gym membership elsewhere so that would be a plus of this purchase as well.
Thank you all!
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I need help with my business plan. How do I figure out my equipment cost….?
I am starting my first business and I’m trying to start my business plan. When trying to figure out my budget for equipment like telephones, fax, computers, internet, rent, etc how do I get this information?
- Do I just call up Bellsouth and ask how much a business line would cost?
-Do I just call Dell or Apple and ask how much a business computer would cost?
-Do I just call the leasing office of where I would like my store to be located to get rental prices?
Like how do I get this information when I’m not an established company?
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I have a Lease purchase agreement on a piece of equipment. Can I break the Lease?
And if I do break the lease, can they sue me, or auction my home? My home is joint ownership, does that make a differnce?
They equipment is valued at ,000.00
Any help would be great.
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Does anyone own their own Business (e.g. Beauty Salon)?
My sister and I have been thinking of opening a Small beauty salon here in Texas but we would like advice from people who own something similar. I would like to know the avg. amount of money that it takes for equipment and supplies also around how much money would i need to own or lease a spot?
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Is it possible to start a small bar with about $5,000-$10,000?
I want to start a small bar in MO, the location is going to be an old Wendy’s building and were going to lease it, we would only need a bartender as we would work the bar (I have a large family, so time is not an issue). We are going to lease all of the equipment needed as a security since this would be a start up business. The layout will be simple were going to do all f the work ourselves such as building the dance floor and the bar.
The building requires 00 down so we will have the rest of the money to use toward the inside… also advertising will be taking care of by the radio station.
I have seen plenty of similiar questions but they were not specific.
I have a liquor license and security is covered. Like I said before we are not going to need any outside help besides the bartender ( we have a dj, food is covered. Insurance is covered in the lease with is 0 a month (so its affordable even if all fails, also its a month to month lease as with the equipment)
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Buy or lease restaurant equipment?
What are the pros and cons to buying or leasing restaurant equipment. I am planning to open a small restaurant for delivery and dine in. Help?
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Explain to me “Trickle down economy” concept (read the whole question first).?
So, trickle-down economy is being promoted as some sort of an economic panacea. Give tax breaks to high income earners and they’ll create jobs the thinking goes… I do not see this effect at all.
I run a small business currently with 38 employees. First of all, every penny I pay in salary and benefits are direct business costs paid pretax. Strictly speaking, my personal or business taxes have no effect on my ability to pay the employees no matter what the rate is. It simply does not come into account until I get to the bottom line.
Now, would higher taxes on the net income cause me to lay off people? This could be rephrased like this: would I choose not to make profit if I get to keep only 50 cents instead of 55 cents. The only way I could see that happening is if I was some sort of a nutcase anti-tax activist willing to suffer for the cause. Business activity is driven by pretax profits in general.
Well, would the higher tax force me not to buy new equipment required for expansion? After all, I’d probably end up with less capital to spend due to taxes. However, almost all capital spending is eventually tax deductible. I may have to go through depreciation and other tricks, but, still, I get to deduct most of the spending eventually. Besides, most equipment is leased or financed in the first place, so it’s paid pretax anyway.
Would the higher tax cause me to spend less personally? No. I spend about 10% of my income. More money will not cause me to spend more. Less money would have no effect unless it cuts into the 10% I need for my living expenses. I know literally hundreds of people who are in the same situation as I am. The rest of the money is invested.
Would I invest less outside of my business? Yes. But, a certain portion of my investments is tax-sheltered, so it does not matter what the tax is. As for the rest, for the last 10 years it went straight overseas. US did not benefit from a single investment penny from me. China and other emerging economies did. Why? The returns are higher there.
What would cause me to hire more people? Here’s one thing: if my customers, who are mostly middle class and below, have more money to spend. If each customer spent 5% more, I’d be able to double the number of my employees and double my profits. And, I’d be happy to pay more tax on those profits.
Now, I am not even touching issues like the national debt and the obvious failure if this policy over the last 8 years. Pretend that these issues don’t exist. I just want to understand the thinking behind it.
So, please provide a solid logical explanation of how lowering taxes on businesses and 0k + earners leads to more jobs (jobs in China don’t count). Provide facts, academic research, anything that supports this idea without partisan BS. The most logical explanation gets 10 points.
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How can i locate Dell equipment on my company’s domain based on their service tag numbers?
I have a excel file of a list of 200 or so dell computers service tag numbers that my company has leased. The lease is now up and we have to return all that equipment. Nobody here cared to keep track of each piece of equipment as they were deployed. Now i have to look up each piece of equipment and find out where its located based on a dell service tag. Is there a script out there that i can run on my domain?
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Advice on starting up my own business, Laser Welding to be specific?
I am able to lease a laser welder and rent office space for 100.00 per month and a small up front cost of a computer and some office equipment. Install a phone system with internet for about 100.00/month. Anything else I should know?
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Has anyone ever been able to break a lease for office equipment?
Company signed contract with copier company for 60 months. Copier company is bought out by new company and customer service has decreased to the point where the copier problems are recurring weekly (same problem). Contract just states length of term and that the company is obligated to pay for the full term of lease even if the machine is broken, non-working and etc.. There is no early termination clause. Is the lease contract still binding even though the company we originally signed the contract with has been bought out by another company
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Opening a small restaurant?
I am starting to plan opening a small business, a burrito shop. I’ve planned out the menu, logo, look and feel. I’ve found food suppliers. I want to open in March 2009. When should I secure a lease? Where can I find used restaurant equipment? When should I apply for my food service license (PA)? It’s hard to plan everything out when I do not have a location set yet so I’m at the confusing point of what to do next. I am going to be using my own funds, no loans, no employees at first (family helping out instead til things are off the ground)
Thanks but the target market, competitors, numbers, etc. is already figured out and wasn’t what I was asking.
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Can Credit card leasing Companies report to the credit bureaus?
I signed up with a company to accept credit cards for my small business. The company I Choose to do business with totally misrepresented the amount of fees to be taken out of my account. I have since cancelled with them. However, I signed a 48 month lease with the company who provided the terminal equipment. They have now stated taking the fees out of my checking account on different days of the month which has caused my account be be overdrawn many times. I am a small business just starting and do not always have the money in my account. My question is - If I return the equipment and refuse to pay the additional terms of my lease, can they report that to the credit bureaus. I can’t afford that either.
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Business personal property tax for leased business equipment and software?
Who is obligated to pay business personal property tax if we leased the equipment, us or leasing co.? How about computer software? Is software treated same way as other business equipment (copier, computer etc), or it has different rules in terms of business property tax.
Thanks in advance
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Lease personal equipment to myself for business?
Lease personal equipment to myself for business?
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I had a small restaurant, and on 2006 i subleased these business?
my leasing ended on march/2008 i never had any problem with the people who was running the restaurant but, they decided to do the same thing after 6 months and they sold the business on feb/2007, they ask me if they would do this and I say ok but they should still paying me the rent cause I had the commitment with the landlord and I was responsible to pay the rents so they always paid me until my leasing finished, But my guarantee was the restaurant equipment. The "new owners went into a new leasing for 5 years and it supposed they should pay me the property taxes for the furniture and equipment of 2008. But when I was paying my property taxes online I decided to check if this account correspondent to the business still under my name, unfortunateley it is and not only that, these people never paid the taxes so I did it and now they don’t want to pay me that money. What can I do if I never signed anything with them. The people who did the agreement were my buyers and now they are trying to collect this money for me but he second tenants just moved out from hte space in the middle of the night and they took out all the furniture and equipment. I have found them but it supposed that my buyers must go and ask them to pay me the money since they were the ones who sold the business and they signed the contract with this people.
What can I do?
Thank you for any help
By the way I live in San Antonio Texas.
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How do you approach a person who’s housekeeping in the workplace is trashy beyond words?
I am starting a small business next to this persons office/shop. In order to use the equipment I am leasing from him, I have to see his trash,boxes,junk laying all over. If I bring customers in to see my work, I am embarrasessed by this. How can I handle approaching him without creating hard feelings? He is 70 yrs old mind you and very proud.
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Bill’s Accounting is taking out a lease on $2,000 worth of equipment and office furniture?
Bill’s Accounting is taking out a lease on ,000 worth of computing equipment and office furniture, over a two year period. The bank charges 8.25% interest annually. Compute the interest paid and the total amount paid for the lease.
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Small business start up, Which would you do?
Ok, So I want to own my own business. In my area there are a lot of vacant rental properties, because of this many are offering free rent. My question is: would you A.take advantage of the free rent use the time for renovations and to obtain equipment and start preparing to open slowly, or B.save money up for a year and then start looking for a lease that will likely not have the same looseness as now?
Not looking to get bank loans for funding will come directly from my income and I don’t currently have savings dedicated for this, I do however have enough monthly income to start slow. Which way do I go?
Yes- I have a business plan. My focus is to open my business without bank funding using my own money. Because I am using my own money start up will be slower. Do i secure a lease for a year with no rent and use the year to get all the items I need or do I get all the items I need first(which would take about a year) and then get a rental lease at possibly a higher cost
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Need a good equipment leasing company in Sydney. Any suggestions?
Looking for equipment leasing company in Sydney to supply our office with furniture and computers. Can anyone help?
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