Swifty drilling company has leased property on which oil has been discovered. the oil wells on this property produced 16,700 barrels of oil during the past year that sold at an average sales price of $61 per barrel. total oil resources of this property are estimated to be 238,500 barrels. the lease provided for an outright payment of $548,550 to the lessor (owner) before drilling could be commenced and an annual rental of $27,555. a premium of 5% of the sales price of every barrel of oil removed is to be paid annually to the lessor. in addition, swifty (lessee) is to clean up all the waste and debris from drilling and to bear the costs of reconditioning the land for farming when the wells are abandoned. the estimated fair value, at the time of the lease, of this clean-up and reconditioning is $33,390. from the provisions of the lease agreement, compute the cost per barrel for the past year, exclusive of operating costs, to swifty drilling company.

During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?

If the reserve requirement is 10 percent, what amount of excess reserves does a bank acquire when a business deposits a $500 check drawn on another bank?