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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031 Exercise 3
Tiger Energy, an independent producer, has average production from Lease A of
100 bbl/ day in 20XA from Lease A. The average selling price of oil in 20XA is $58/
bbl. Net income from Lease A in 20XA is $820,000, and taxable income of the
company is $2,000,000.
Compute percentage depletion.
100 bbl/ day in 20XA from Lease A. The average selling price of oil in 20XA is $58/
bbl. Net income from Lease A in 20XA is $820,000, and taxable income of the
company is $2,000,000.
Compute percentage depletion.
Explanation
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Computation of percentage depletion
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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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