50k in 2018 what is it?

Fitzgerald Oil and Gas incurred costs of $8.25 million for the acquisition and development of a natural gas deposit. The company

fiasKO [112]

Answer:

Depletion for Year 1: $1,925,000;

Depletion for Year 2: $2,200,000.

Explanation:

Please find the below for detailed explanation and calculation:

- First, calculate the depletion rate per cubic feet of natural gas extracted from the gas deposit:

+Depletion rate = Total cost of acquisition and development of the gas deposit/ total expected gas extraction from the deposit = 8,250,000/3,000,000 = $2.75 per cubic feet.

- Then, find the depletion for the year 1 and yer 2 given the actual extracted gas are given:

Depletion for year one = Depletion rate x actual gas extraction in year 1 = 2.75 x 700,000 = $1,925,000;

Depletion for year two = Depletion rate x actual gas extraction in year 2 = 2.75 x 800,000 = $2,200,000..

Hope you find the explanation helpful.

6 0

3 years ago

A company reports on the cash basis. During the company's first year of business, it had sales on account of $1,000,000, invento

grandymaker [24]

Based on the information given the company's cash-basis income for its first year of operations is $350,000.

First step

Net sales revenues =Sales - Account receivable

Net sales revenues= $1,000,000 - $100,000

Net sales revenues = $900,000

Second step

Net expenditure on purchases =Inventory purchases - Account payable

Net expenditure on purchases =$400,000 - $50,000

Net expenditure on purchases = $350,000

Third step

Cash-basis income =Net sales revenues - Net purchases expenditure - Other expenses

Cash-basis income= $900,000 - $350,000 - $200,000

Cash-basis income= $350,000

Inconclusion the company's cash-basis income for its first year of operations is $350,000.

Learn more about cash-basis income here:brainly.com/question/25817056

8 0

2 years ago

Assuming that the car was stolen prior to delivery to abc motors and without the knowledge of any representative of abc motors,

tamaranim1 [39]

I believe in this case that ABC motors is the customer and the car was still being delivered to their office. Therefore the correct answer to this is:

The title of ABC motors would be “Void”

<span>This is considered right away as Void since there was no information or any knowledge on the part of ABC motors about the stolen car. </span>

7 0

3 years ago

When critics of unemployment insurance claim that some of the unemployed are not exerting much effort to find jobs because of th

Nata [24]

Based on the description above, the correct answer is a, true. It is because moral hazard problem covers about or focuses more on problems of how unemployed works doesn't exert much effort because of certain factors in which one of them maybe because of the unemployment benefits that unemployed individuals receives.

8 0

3 years ago

Amazon’s home delivery of groceries and Instacart’s delivery of Whole Foods items are found where on the market development curv

Luden [163]

The home delivery of groceries by Amazon and Instacart's Whole Foods delivery fall under the market development curve of a. Early adopters.

<h3>Who are the early adopters?</h3>

These are people who are the first to try out a product before the rest of the market.

Amazon's grocery delivery service is a new service being offered by the company so those that use it are the first to use it which makes them early adopters.

Find out more on early adopters at brainly.com/question/14291606

#SPJ1

6 0

2 years ago