Please help me Core Petroleum owns 60%, Dwight Corporation owns 30%, and Webb Company owns10% of the working interest property number 2008. Core Petroleum is the operator andbills Dwight and Webb monthly for their portion of costs incurred. During May 2016,Core incurred costs as follows:Salaries and wages, field employees$ 8,000Salaries and wages, first-level field supervisors4,000Social security taxes, 7.5% of above. .900New separator, purchased and installed.Repairs to Christmas tree..20,0001,000Property taxes paid ..2,000Other Costs:Employee benefits-21% of salaries and wagesTransportation of material and employees, 1,500 miles at S0.25/mileOverhead, 22% of all costs listed aboveREQUIRED: Give the entries to record and distribute the costs, assuming regularaccounts are used.

Journal entries to record and distribute the costs.

Core Petroleum owns 60%, Dwight Corporation owns 30%, and Webb Company owns 10% of the working interest property number 2008. Core Petroleum is the operator and bills Dwight and Webb monthly for their portion of costs incurred. During May 2016, Core incurred costs as follows: Salaries and wages, field employees. . Salaries and wages, first-level field supervisors. .. Social security taxes, 7.5% of above.. $8,000 4,000 900 New separator, purchased and installed . Repairs to Christmas tree.... Property taxes paid . 20,000 1,000 2,000 Other Costs: Employee benefits-21% of salaries and wages Transportation of material and employees, 1,500 miles at S0.25/mile Overhead, 22% of all costs listed above REQUIRED: Give the entries to record and distribute the costs, assuming regular accounts are used.

Core Petroleum owns 60%, Dwight Corporation owns 30%, and Webb Company owns 10% of the working interest property number 2008. Core Petroleum is the operator and bills Dwight and Webb monthly for their portion of costs incurred. During May 2016, Core incurred costs as follows: Salaries and wages, field employees. . Salaries and wages, first-level field supervisors. .. Social security taxes, 7.5% of above.. $8,000 4,000 900 New separator, purchased and installed . Repairs to Christmas tree.... Property taxes paid . 20,000 1,000 2,000 Other Costs: Employee benefits-21% of salaries and wages Transportation of material and employees, 1,500 miles at S0.25/mile Overhead, 22% of all costs listed above REQUIRED: Give the entries to record and distribute the costs, assuming regular accounts are used.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 63P

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