Revenue and costs for Optimistic Company for the year 2015 are presented below: 11ec7775_98c7_2640_9634_8d13ee8e49eb_SM1710_00 Prepare income statements and unclassified balance sheets for a successful efforts (SE) company and a full cost (FC) company and explain the difference in net income.

Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright

Edition 5ISBN: 9781630181031

Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright

Edition 5ISBN: 9781630181031

Exercise 8

Revenue and costs for Optimistic Company for the year 2015 are presented below:

Prepare income statements and unclassified balance sheets for a successful efforts (SE)
company and a full cost (FC) company and explain the difference in net income.

Explanation

Verified

In case of successful cost accounting me...