Well 24-Hr Test (bbl) Days Produced Total Production Sold Liberty Well 1 Freedom Well A-1 Dyson...
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Well 24-Hr Test (bbl) Days Produced Total Production Sold Liberty Well 1 Freedom Well A-1 Dyson Powell 20 2,900 – measured at point of delivery 30 35 26 50 24 Assume the data above for the following wells commingled production in Tank Battery on the Premise Lease located in Fayette County, Texas. Cameron Oil Company (70% WI) and Garcia Company (30% WI) own a joint working interest in the Dowling Field. The expected selling price was $60/bbl. The royalty interest is 1/5 and the severance tax rate is 10%. Cameron Oil Company assumes the responsibility of distributing severance taxes and royalty. Prepare the revenue entries for Cameron Oil Company and Garcia Company. What amount of gross revenue, royalty, severance taxes and net revenue should Cameron Oil Company record for each well (Liberty Well 1, Freedom Well A-1 and Dyson Powell)? Well 24-Hr Test (bbl) Days Produced Total Production Sold Liberty Well 1 Freedom Well A-1 Dyson Powell 20 2,900 – measured at point of delivery 30 35 26 50 24 Assume the data above for the following wells commingled production in Tank Battery on the Premise Lease located in Fayette County, Texas. Cameron Oil Company (70% WI) and Garcia Company (30% WI) own a joint working interest in the Dowling Field. The expected selling price was $60/bbl. The royalty interest is 1/5 and the severance tax rate is 10%. Cameron Oil Company assumes the responsibility of distributing severance taxes and royalty. Prepare the revenue entries for Cameron Oil Company and Garcia Company. What amount of gross revenue, royalty, severance taxes and net revenue should Cameron Oil Company record for each well (Liberty Well 1, Freedom Well A-1 and Dyson Powell)?
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empirical literature on effects of state taxation see for example Bartik 1985 Helms 1985 Papke 1991 ... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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