Plenty of Oil,Inc

question 85

Multiple Choice

Plenty of Oil,Inc.purchased an oil field that is estimated to have 15,000,000 barrels of oil for $45 million in 2014.In 2014,1,800,000 barrels of oil were extracted and sold.In 2015,2,000,000 barrels of oil were extracted and sold.The oil field will have no residual value.What is the book value of the oil reserves that will be reported on the balance sheet as of December 31,2015?

• A)$31,785,000
• B)$33,600,000
• C)$39,000,000
• D)$45,000,000

Understand the annual reporting requirements for employers regarding employee wages and taxes.

Comprehend payroll deductions and their implications on net payroll and the journal entries to record them.

Understand the employer's responsibilities for recording, paying, and reporting federal and state unemployment taxes.

Grasp the concept of overtime pay calculations according to federal standards.

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Definitions:

Capitalist System

An economic system characterized by private or corporate ownership of capital goods, where investments, production, and distribution are driven by market forces.

Cultural Capital

Non-financial social assets such as education, intellect, style of speech, dress, or physical appearance that promote social mobility beyond economic means.

Socioeconomic Class

A division of a society based on social and economic status, often categorizing people by income, education, and occupation.

Parents

Caregivers of offspring in their own species; in humans, this usually refers to the father and mother of a child.