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ella [17]
2 years ago
11

For an oil and gas limited partnership (LP), allowances in the form of deductions are allowed by the IRS to be taken to compensa

te for a depleting resource. The allowance can be taken based on
Business
1 answer:
Triss [41]2 years ago
3 0

Answer:

The allowance can be taken based on:

a reduction (production) of the oil and gas reserves.

Explanation:

A limited partnership's allowance for depletion is a special form of depreciation used to account for the gradual reduction in the value of natural resources based on their usage or consumption.  There are two methods for recognizing depletion of natural resources.  They are the cost depletion method, which is based on usage, and the percentage depletion method, which is a percentage of gross earnings.  Then, depletion is different from depreciation, in that depreciation is for tangible assets, while depletion is for natural assets.

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Arden Company reported the following costs and expenses for the most recent month: Direct materials $ 79,000 Direct labor $ 41,0
ICE Princess25 [194]

The question is incomplete. Here is the complete question.

Arden Company reported the following costs and expenses for the most recent month: Direct materials $ 79,000 Direct labor $ 41,000 Manufacturing overhead $ 19,000 Selling expenses $ 22,000 Administrative expenses $ 34,000 Required:

1) What is the total amount of product costs?

2) What is the total amount of period costs?

3) What is the total amount of conversion costs?

4) What is the total amount of prime costs?

Answer:

(1) product cost = $139,000

(2) period cost = $56,000

(3) conversion cost = $60,000

(4) prime cost = $120,000

Explanation:

(1) The total product costs can be calculated as follows.

= Direct material + direct labor + manufacturing overhead

= $79,000 + $41,000 + $19,000

= $139,000

(2) The period cost can be calculated as follows

= selling expenses + administrative expenses

= $22,000 + $34,000

= $56,000

(3) The conversion cost can be calculated as follows

= direct labor + manufacturing overhead

= $41,000 + $19,000

= $60,000

(D) The prime cost can be calculated as follows

= Direct material + direct labor

= $79,000 + $41,000

= $120,000

3 0
2 years ago
A formal agreement between separately owned and controlled facilities to officially coordinate and share certain activities is m
notka56 [123]

Answer:

An affiliation

Explanation:

An affliation in management refered to act of associating, this could be a former agreement on a particular projects, whereby there is agreement between the partners to carry out a certain activities and how it's officially coordinated. It usually employed among organizations.

Therefore, from the question Formal agreement between separately owned and controlled facilities to officially coordinate is known as an affiliation

3 0
2 years ago
Global Technology’s capital structure is as follows: Debt 35 % Preferred stock 15 Common equity 50 The aftertax cost of debt is
lisov135 [29]

Answer:

weighted average cost of capital  = 13.10%

Explanation:

given data

Debt = 35%

Preferred stock = 15

Common equity = 50

cost of debt = 9 percent

cost of preferred stock = 13 percent

cost of common equity = 16 percent

to find out

Weighted Average cost of capital

solution

we get here weighted cost of each source of capital  that is

Weighted Cost  of Debt  = 0.35 * 9%  =  3.15 %        ....................1

Weighted Cost  of Preferred Stock = 0.15 * 13% = 1.95%     .........2

Weighted Cost  of Common Stock = 0.50 * 16% = 8 %    ..............3

so

so weighted average cost of capital  will be

weighted average cost of capital  = 3.15 % + 1.95% + 8 %

weighted average cost of capital  = 13.10%

8 0
2 years ago
Who owns the alcoholic beverages of a private club
arlik [135]
I'm pretty sure t<span>he owner of the club owns all inventories of food and alcohol.</span>
8 0
3 years ago
Read 2 more answers
Midwest Corporation has provided the following data concerning manufacturing overhead for 2020:
SSSSS [86.1K]

Answer:

Estimated manufacturing overhead rate= $18 per direct labor hour

Explanation:

Giving the following information:

Estimated manufacturing overhead for the year $ 37,080

Estimated direct labor hours for the year 2,060

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 37,080/2,060

Estimated manufacturing overhead rate= $18 per direct labor hour

4 0
3 years ago
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