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) and601Garcia Company (30% WI) own a joint working interest in the Dowling Field. The expected selling price was $bl. The rovalty interest is and the severance tax rate is 10%.bPrepare the revenue entries for Cameron Oil Company and Garcia Company.WellDays Produced302624Liberty Well 1Freedom Well A-1Total Production Sold2,900-measured at pointof delivery24-Hr Test (bbl)2035Dyson Powell50Assume the data above for the following wells commingled production in Tank Battery on the Premise Lease located inFayette County, Texas. Cameron Oil Company (70% WI) and Garcia Company (30% WI) own a joint working interest in theDowling Field. The expected selling price was $60/bbl. The royalty interest is 1/5 and the severance tax rate is 10%.Prepare the revenue entries for Cameron Oil Company and Garcia Company.

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60 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 $ bl. The rovalty interest is and the severance tax rate is 10%. 5 Prepare the revenue entries for Cameron Oil Company and Garcia Company. Well 24-Hr Test (bbl) Days Produced 30 20 35 26 Dyson Powell 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%. Prepare the revenue entries for Cameron Oil Company and Garcia Company. Total Production Sold 2,900-measured at point of delivery Liberty Well 1 Freedom Well A-1

60 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 $ bl. The rovalty interest is and the severance tax rate is 10%. 5 Prepare the revenue entries for Cameron Oil Company and Garcia Company. Well 24-Hr Test (bbl) Days Produced 30 20 35 26 Dyson Powell 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%. Prepare the revenue entries for Cameron Oil Company and Garcia Company. Total Production Sold 2,900-measured at point of delivery Liberty Well 1 Freedom Well A-1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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