User Account

All Pages

Calculate the amount of depletion

Assignment Help Accounting Basics
Reference no: EM132709191

Question - Depletion of Natural Resources - Brandon Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for $800,000. Brandon spent $10,000,000 preparing the oil for extraction from the ground. Brandon estimates that 120,000,000 barrels of oil will be extracted from the ground. The land has a residual value of $20,000. During 2019, 14,700,000 barrels are extracted from the ground.

Required - Calculate the amount of depletion taken in 2019.

Reference no: EM132709191

Questions Cloud

Discuss the role of distributed ledger technology : Discuss the role of distributed ledger technology, such as blockchain and cryptocurrencies, in the creation of digital forms of money
Implementation and support of network systems : Apply industry standards to the implementation and support of network systems and computer devices.
Perform research on elliptic curve cryptography : Perform research on Elliptic Curve Cryptography. Define what Elliptic Curve Cryptography is and identify the associated benefits and the associated negatives.
Research RSA associated applications : Research the RSA associated applications and identify the associated benefits and costs.
Calculate the amount of depletion : Brandon spent $10,000,000 preparing the oil for extraction from the ground. Calculate the amount of depletion taken in 2019
Prepare retained earning statement for cullumber corporation : The change improved prior years' net income by $90,000, before income taxes (tax rate is 30%). Prepare retained earning statement for Cullumber Corporation
Define sunk costs and opportunity costs : Distinguish between controllable and uncontrollable costs. Define sunk costs and opportunity costs
Identify a researchable problem : What concepts and ideas can help identify a researchable problem?
Case study-opening your new dunkin donuts locations : Four to five-page paper in which you explain your chosen job design and organizational design as the new District Manager for Dunkin' Donuts.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd