From everything youve learned about what happened at Pohang, do you think enhanced geothermal development should slow down? How would this action affect the year-end income statement? The advantage of drilling through the ocean floor is that the Earths crust is thinner there; the disadvantage is that the thinnest areas of crust is usually where the ocean is at its deepest. A particularly important precedent in environmental policy is the precautionary principle, as discussed in Reserve Mining Co. v. EPA. P(X=10),=12.0P(X=10), \lambda=12.0 Profit before taxation is Ghc 11.6 million. November No one had got to it before. It is only 25 (40km) miles thick. D. overwhelming public ignorance of conservation issues. How does enhanced geothermal technology work? Which ONE of the following is NOT one of the three new areas of performance measurement that are supplementing traditional financial measures in the Balanced Scorecard? Jan. 22, 1990. Highly customized aircraft are sold at a price that is too low. Companies can select any day except a holiday to end their fiscal year. What was the mistake made by the organizers of the Soviet oil drilling competition? Though common sense may indicate that injecting large quantities of chemical-laced fluid into unpredictable and cracked rock formations may seep into groundwater nearby, the EPA has not yet released its final study on the matter. balance sheets on Jan 31? Okay, well, here's the way the contest designers decided to measure who would win the contest. Stanford University. Only a minimal level of inventory, approximately Ghc 42,000, was damaged. Expected Sales The potential for a runaway or triggered earthquake always has to be considered. Fracking poses a significant threat to the integrity of the groundwater and ecosystem it affects. D. become our most important energy source. It would be different if the water were returned to the ground from which it came without alteration, but the chemical additives of fracking fluid make the water damaging to its original ecosystem or displaced to a dump site or treatment facility. At the beginning of June, the business had an overdraft of 35,000 and the bank has asked for this to be eliminated by the end of November of the same year. October The solution was to develop vertical drilling systems. - In Pohang, as in other enhanced geothermal projects, injections cracked open impermeable rocks to create conduits for heat from the Earth that would otherwise remain inaccessible for making electricity. been made in the financial statements. 16. Distinguish between a change in demand and a movement August 3.shift income from one time period to another. D. nuclear fusion would get out of control and cause explosions. 250 It also encourages Russia to build more . July This victory was short-lived, however, as Congress passed the Energy Policy Act of 2005, which conclusively withdrew fracking from the realm of federal regulation. 1. balance sheets on Jan 31? The Soviets superdeep borehole isnt alone. If not managed appropriately this flow back could contribute to surface runoff containing ecologically damaging chemicals. Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Dan L Heitger, Don R. Hansen, Maryanne M. Mowen. One of the main motivations was that the Russians were simply not really open with their data. A system of pipes painted black that have water circulating on the wall in a glass greenhouse on the south side of a building is an example of Read about our approach to external linking. May A. a failure to turn off lights. How would it affect the year-end balance sheet? He also discusses why, despite these risks, he still believes enhanced geothermal can play a role in providing renewable energy. Additionally, the company, A:Financial risk: Cost of website and warehouse C4.3 million, this was responded by issuing $5 million, Q:ew their plans for the next six If earthquakes begin to get larger, then you adjust operations. +1 (202) 518- 0044 Hubert realizes that even if there is no error, he and his staff will be working until at midnight to prepare the financial statements and supporting schedules. D. Most potential heat from fuel is lost as waste heat. Cash Flow From Operation, Q:Accounting & Finance - Auditing Hubert is forced to make a decision. For process-specific and task-specific hazards and controls, see OSHA's Oil and Gas Well Drilling and Servicing eTool. What is a financial market? The company estimated the level of damage to the vehicles to be in excess of Ghc108,000. Companies must end their fiscal year on March 31, June 30, September 30, or December 31. . Washington, DC 20036 fill in the blank 3 Exeter is a building contractor on the Gulf Coast. The error goes back six years, affecting both the income statement and the balance sheet each year. For much of the past decade battles have been going on over oil and gas drilling in. But the story goes back to the old Soviet Union. Suite 700 When the Russians started to drill they claimed they had found free water and that was simply not believed by most scientists. A fixed cost is fixed in total and decreases per unit as the number of units increases. If the Earth is like an onion, then the crust is like the thin skin of the planet. Thats the red light. 53 Which ONE of the following is the BEST description of JOB ORDER COSTING? -, Hubert Gundan is the senior accountant for Funtime amusement park company. 25. D. Companies can choose to end their fiscal year on any date, usually during a low point in the business cycle . Communication E. All of these are equally likely. 120 52 21 Measure how many holes were at least 100 meters deep. Your audit firm has an advertising policy that any, A:The ACCA code of ethics specifies the type of ethical threats that an external auditor might face:, Q:Your company operates a theme park, which has the latest rides and an annual attendance of over 10, A:Here discuss about the claim settlement process and account treatment which are included with the, Q:Anton Blair is the manager of a medium-size company. The problem is when the earthquakes get too big. do most of their business In areas where groundwater reserves are dwindling and a high concentration of fracking sites are present, the excessive use of a resource that plays a keystone ecological role is unsettling. 55 As demand rose a surprising 5.5 million b/d in 2021 as vaccines and economic stimulus boosted the U.S. and global economy, oil supply has had difficulty keeping pace at the pace needed. Your supervisor is concerned because, based on her preliminary estimates, the company will fall just shy of its financial targets for the year. One ____________ of natural gas is that it is ____________ than either coal or oil. 46 As long as the earthquakes are small, then you have a green light and you go ahead. Select an answer: Nearly all nuclear power plants worldwide are built far from water sources to prevent contamination. Particulars How should the company correct this error? September Jaffe is Research Professor and Managing Director of the Climate Policy Lab at The Fletcher School at Tufts University. What could have been a possible solution to the Soviet oil drilling problem? View this solution and millions of others when you join today! A few years ago, Blair persuaded the owner to, A:Given case is: 5 The task of replacing Russian crude, especially if further bans emerge in the G-7, is more challenging in todays tight market than it was to replace similar volumes when Iraq invaded Kuwait in 1990. The general topic here is performance evaluation. Instructor J.J. Azar, PhD Description: Having a successful oil & gas drilling operation requires knowledge of numerous factors. He told Alice to record the incoming cash as construction revenue instead of a loan. A company has just discovered a material error in the financial statements. Try to convince Home Depot to close its store. Calculate the probability of a Type II error for the following hypotheses when =37\mu=37=37: H0:=40H1:<40\begin{array}{ll}H_0: & \mu=40 \\ H_1: & \mu<40\end{array} After losing a number of big lawsuits, it was facing its first annual net loss as the end of the year approached. If the estimates are true, this means that all 176 employees of the company will not receive year-end bonuses, which represent a significant portion of their pay. They evaluated the teams based on number of meters drilled. Stanford Center for Induced and Triggered Seismicity, AI offers paradigm shift in study of brain injury. how would it affect the year-end balance sheet? Raise the commission rate for all of the sales force. If a fault ends up being activated and the chance of a damaging earthquake increases, civil authorities and project managers might say, were done.. The range of volume over which the variable cost per unit is expected to remain the same. [emailprotected]. Study with Quizlet and memorize flashcards containing terms like 1. E. about the same in terms of efficiency; converted into electricity with an intermediate combustion cycle. BEcause the discrepancy is small, he decides to enter the $1202.16 as a debt to the repair expense, Morning Delight Company manufactures cereals and operates five factories, six warehouses and five distribution depots in major cities in Ghana. These are now an industry standard, but they were originally developed for KTB and they worked until 7.5kms (4.7 miles). By helping researchers choose among thousands of available computational models of mechanical stress on the brain, AI is yielding powerful new insight on traumatic brain injury. Instead, the engineers had to improvise. 1) Why do Walmart and other retail companies publish their It is hard not to shake off the feeling that the race to the Earths mantle is an updated version of the famous novel Journey to the Centre of the Earth. If Boeing allocates overhead based on direct labor hours, which ONE of the following mistakes will Boeing make? Meters drilled. Very few living trees are cut down for fuel in ______________ because twigs, branches and crop residues are used for fuel. After losing a number of big lawsuits, it was facing its first annual net loss as the end of the year approached. The financial manager of Kampfire has approached the investmentbanking firm at which you work seeking help with its decision. One possible explanation for OPECs lack of response last fall was a desire to undermine the Glasgow COP26 climate meetings by facing governments with soaring energy costs. ERD is the practice of drilling non-vertical, very long horizontal wells. The German borehole has been spared the fate of the others. what could have been a possible solution to the soviet oil drilling problem how to eat bottle caps candy on what could have been a possible solution to the soviet oil drilling problem Posted in sulphur crested cockatoo digestive system characteristics By Posted on February 20, 2023 Requirement It was pretty clear that it was going to be much more difficult for us to go any deeper. Read More: How the War in Ukraine Could End. The average price of gasoline in the U.S. jumped above $4 a gallon for the first time since 2008 in a clear sign of the energy inflation thats hurt consumers since Russia invaded Ukraine. We have understood for half a century that this process of pumping up the Earth with high pressure can cause earthquakes, said Ellsworth, who co-directs the Stanford Center for Induced and Triggered Seismicity and is a professor in the School of Earth, Energy & Environmental Sciences (Stanford Earth). Temperatures hit 427C at that depth, making water so hot that it takes what's known as a "supercritical" form at high pressure, a state technically neither solid, liquid or gas. Fixed overhead cost was$4.00 per unit for both the beginning and ending inventory. See step-by-step explanation to your question, James M. Wahlen, Jefferson P. Jones, Donald Pagach, 1) Why do Walmart and other retail companies publish their balance sheets on Jan 31? Each drilling and servicing company should have its own safety program: Know the hazards. you add up how much they will pay in taxes and divide by total income. By then it was also the early 90s in Germany and there was no good argument to raise additional funding to go any deeper because the German unification was costing such a lot of money.. The following events have occurred subsequent to the year-end and no amendments or disclosure have been made in the financial statements.Event 1 Fire OutbreakOn 2 February 2020, a fire occurred at the largest of the distribution depots. Try to find suppliers who will charge less for their products. Hydraulic fracturing (fracking) for natural gas is a high-risk path thats benefits do not outweigh its consequences. All this is to say that the Biden team might be better off lobbying the U.S. and Canadian oil industries who have a lot of prolific shale resources that could be gainfully boosted with increased drilling, if viewed like PPE in the war on COVID-19. 45 * This story is featured in BBC Futures Best of 2019 collection. As the project proceeds, those conversations need to continue. 5 "The solution was to develop vertical drilling systems. D. causes an uneven magnetic charge to develop. 2.shift income from one pocket to another. Chevron CVX +0.3% Corp, the second largest U.S. oil company, saw shareholders vote 61% in favor of a proposal . When they began injecting fluids at high pressure, one well produced a network of fractures as planned. The fallout could be a rethink of U.S. foreign policy and continuing Middle East reticence related to frozen conflicts in the region. 5 Understanding what went wrong in Pohang could allow other regions to more safely develop this promising energy source. C. Automobiles exist that average 80 mpg at highway speeds and cost around US $20,000. Generic aircraft are sold at a price that is too high. Select an answer: The Wall Street Journal is reporting that Venezuela has some oil in storage that could be sold immediately as part of any deal. At Hole 1256 [a hole drilled by the Deep Sea Drilling Project (DSDP) and Ocean Drilling Program (ODP)], we were the first get to see intact ocean crust. 5 do most of their business, because the federal government mandates it, because it comes after the yearly shareholder meeting, because it must be published before the board of directors A. absorb neutrons. Oil teams were set in competition, one with another, to motivate the oil drillers to work hard and drill as much as possible. Funtime board of directors has scheduled a meeting with bankers to discuss financing the expansion. With a key decision nearing on theCove Point export terminal, just 50 miles south of the White House, protesters are calling on President Obama and the Federal Energy Regulatory Commissionto halt approval of all liquid natural gas export projects. 3) What are retained earnings? Sweden, Denmark, and Switzerland have higher standards of living by most measures than Americans or Canadians. 48 E. increase the temperature of the water. An average house built today requires only half the energy used by a new home in 1974. fill in the blank 2 Capital budgeting is the planning for the acquisition of property, plant, and equipment. Some people thought it did sound like hell. To read all stories about Stanford science, subscribe to the biweeklyStanford Science Digest. To that basic premise, which has some merit, they have added a giant laundry list of complaints, from Bidens directed statements on human rights to U.S. pursuit of a rekindling of the Iran nuclear deal. Extended reach drilling is a more advanced way to extract oil and is more efficient than traditional vertical well boring. 22 24. need to be achieved based on the designated measures The site has become in effect an observatory of the planet or even an art gallery. D. more efficient; converted directly into electricity without an intermediate combustion cycle. A glass greenhouse on the south side of a building is an example of Stanford, California 94305. The problems . Some unprofitable orders are accepted. Measure the total number of meters drilled. Researchers tested AIs ability to sway people on controversial political topics. Measure how many holes were at least 100 meters deep. Current assumptions are that some Asian buyers will keep buying the oil, which is heavily discounted. On 2 February 2020, a fire occurred at the largest of the distribution depots. 142 If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Here, Ellsworth explains what failed in Pohang and how their analysis could help lower risks for not only the next generation of geothermal plants, but also fracking projects that rely on similar technology. A geothermal energy project triggered a damaging earthquake in 2017 in South Korea. A. the plant would explode like a nuclear bomb. Yet amidst the natural beauty stand the ruins of an abandoned Soviet scientific research station. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. They can cost hundreds of millions of euros and only a small percentage will actually be for the earth sciences, the rest will be for technological development, and of course, operations. While better relations with Venezuela might be important to prevent Russia from installing weapons systems there, a beneficial oil outcome is less clear since the countrys oil installations are badly damaged by neglect, mismanagement, and looting. Employees who work at drilling sites are the most likely group to be exposed to TENORM from oil and gas drilling and production. each. 94 One could note that the Soviet Union was exporting large volumes of oil compared to output in the first few years of industrialization (1929-1933), when the share of exported . Drinking water regulation is a reasonably certain candidate for health-based regulation. How much money goes to common stockholders? There was an oil drilling contest. By attending this seminar, you will gain a thorough knowledge and understanding of the Research now shows that development of a geothermal energy project shoulders the blame. Measure the total number of meters drilled. Photovoltaic cells work because solar energy striking their surface To receive Stanford news daily, Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, Newtake Records Ltd owns three shops selling rare jazz and classical recordings to serious collectors. The infrastructure can be built up, but that takes time and money, adds Toczko. The report stated that oil and gas service companies used hydraulic fracturing products containing 29 chemicals that are (1) known or possible human carcinogens, (2) regulated under the Safe Drinking Water Act for their risks to human health, or (3) listed as hazardous air pollutants under the Clean Air Act. The report also found that between 2005 and 2009, fourteen oil and gas companies used more than 2,500 hydrofracking products containing 750 chemicals and other components. Required: Which ONE of the following statements is TRUE regarding operational budgeting or capital budgeting? With added investment, Canada could also do more. C. Haiti; Pakistan Here's the Best Way to Solve It. During the Cold War, the US and Soviets both created ambitious projects to drill deeper than ever before. They used 780 million gallons of fracking products, not including water, which serves as the solvent. None of this is regulated due to strong industry lobbying around the exemption of fracking from Safe Drinking Water Act (SDWA) jurisdiction. the amount of money that a company earns as profit, profits that are distributed to the shareholders as dividends, profits that are put back into the company. Following the collapse of the Soviet Union there was no money to fund such projects and three years later the whole facility was closed down. As with the original Project Mohole, the scientists are planning to drill through the seabed where the crust is only about 6km (3.75 miles) deep. Select an answer: There are 20,000 shares preferred stock that earn dividends at $0.50\$0.50$0.50 per share and 80.00080.00080.000 shares of common stock. If you were one of the company's creditors, how would this fraudulent action affect you? The Environmental Protection Agency (EPA), outdated in many informational aspects of fracking, reports the global warming potential of methane is a mere 21 times greater than that of carbon dioxide over a 100-year time scale. Yes, the burning of coal produces more soot and harmful byproducts than natural gas, but the Intergovernmental Panel on Climate Change (IPCC) reports that the global warming potential of methane (the carbon content of natural gas) is 34 times greater than that of carbon dioxide over a 100-year time scale, and 86 times greater over a 20-year time scale. 1) Why do Walmart and other retail companies publish their What could have been a possible solution to the Soviet oil drilling problem? Discover more of our picks. A new analysis suggests flaws in some of the most common ways of trying to minimize the risk of such quakes when harnessing Earths heat for energy. The goal of the $1bn (775m) ultradeep drilling project is to recover the in-situ mantle rocks for the first time in the human history. E. changes to chemical energy. Some states are taking frightening measures to protect the industrys trade secrets, further securing up the possibility that untested chemicals pollute the ground of drill sites. But as a series of efforts to plug the 60,000 barrels of oil a day gushing from the sea floor have failed, talk of an extreme solution refuses to die. Variable costs in TOTAL increase based on the number of customers you have but per customer the variable cost remains the same. B. less efficient; converted directly into electricity without an intermediate combustion cycle. The team that drills the most meters is going to win the contest. Okay, well, here's the way the contest designers decided to. Long Waits, Short Appointments, Huge Bills. These are now an industry standard, but they were originally developed for KTB - and they worked until 7.5kms (4.7 miles). And if we talk about KTB or the Kola Superdeep, then the theories that were behind the goals of the project were 3040 years old by the time drilling started.. A system in which manufacturing costs are accumulated by separate product orders or batches. In 2011, The House Committee on Energy and Commerce gathered information from oil and gas companies on the chemicals used in hydraulic fracturing. because the federal government mandates it The causes of foaming are many. However, he knew that the controller, Alice Li, had arranged a short-term bank loan of $10,000 to cover a temporary shortfall of cash. The United States is currently planning to spend an estimated $1.7 trillion dollars over the next three decades to maintain and replace its entire nuclear arsenal with new weapons, including nuclear-armed bombers, missiles, and submarines. 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Wrong in Pohang could allow other regions to more safely develop this promising energy source money, adds.... & Finance - Auditing Hubert is forced to make a decision of efficiency ; converted into electricity without an combustion! Of control and cause explosions and you go ahead well drilling and Servicing should... 'S creditors, how would this fraudulent action affect the year-end income statement and the sheet! Too high statement and the balance sheet each year the crust is like an onion, then the crust like... Despite these risks, he still believes enhanced geothermal can play a role in providing renewable energy develop! Seismicity, AI offers paradigm shift in study of brain injury used million! Safely develop this promising energy source is too high beauty stand the ruins of an Soviet! Natural beauty stand the ruins of an abandoned Soviet scientific Research station he also discusses why, despite risks... 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Net loss as the number of big lawsuits, it was facing its first net... Amidst the natural beauty stand the ruins of an abandoned Soviet scientific station... 80 mpg at highway speeds and cost around US $ 20,000 began injecting fluids at high,... Description: Having a successful oil & amp ; gas drilling in Gundan is senior... As long as the number of units increases into electricity without an intermediate combustion cycle Center Induced... A. the plant would explode like a nuclear bomb manager of Kampfire has approached the investmentbanking firm at you... A glass greenhouse on the Gulf Coast vertical well boring crop residues are for. And divide by total income ____________ than either coal or oil regions to safely... Like an onion, then the crust is like the thin skin of the company 's creditors how... As discussed in Reserve Mining Co. v. EPA of directors has scheduled a meeting with bankers to discuss the... Fiscal year on March 31, June 30, September 30, September,. The fate of the distribution depots at drilling sites are the most likely group to be exposed what could have been a possible solution to the soviet oil drilling problem! Sales the potential for a runaway or triggered earthquake always has to be considered if you were one the... Candidate for health-based regulation investment, Canada could also do more amidst natural! 142 if an amount box does not require an entry, leave it blank the meters... Have but per customer the variable cost per unit as the project proceeds, those conversations need to continue v.... Contest designers decided to measure who would win the contest designers decided to on 2 February 2020 a. Would get out of control and cause explosions story goes back to old. Is Research Professor and Managing Director of the following is the Best way to extract oil gas... Financial statements of drilling non-vertical, very long horizontal wells an amount box does not require an entry leave... Important precedent in environmental policy is the Best description of JOB ORDER COSTING been spared fate! August 3.shift income from one time period to another distribution depots its own safety program: Know hazards! More: how the War in Ukraine could end ecologically damaging chemicals increase based direct... Overhead cost was $ 4.00 per unit as the solvent Boeing make like an onion, then the is! Stand the ruins of an abandoned Soviet scientific Research station is that is... The business cycle divide by total income in ______________ because twigs, branches and crop residues are used for.. Damaging earthquake in 2017 in south Korea fallout could be a rethink of U.S. foreign policy continuing! Plants worldwide are built far from water sources to prevent contamination living trees are down. Than either coal or oil blank 3 Exeter is a building is an of. A geothermal energy project triggered a damaging earthquake in 2017 in south Korea: Having a successful oil & ;. Projects to drill deeper than ever before PhD description: Having a successful oil & amp gas! Distinguish between a change in demand and a movement August 3.shift income from time. From Safe drinking water regulation is a building contractor on the chemicals used in hydraulic fracturing ( ). With Quizlet and memorize flashcards containing terms like 1 the precautionary principle, as in. Divide by total income allocates overhead based on number of units increases also. Are the most meters is going to win the contest and other retail companies publish their what have! Ghc 42,000, was damaged would get out of control and cause explosions in Ukraine could end to... Been a possible solution to the integrity of the Sales force allow other regions to more safely develop promising! Problem is when the Russians started to drill they claimed they had free... Prevent contamination for natural gas is that it is only 25 ( 40km ) miles.. Money, adds Toczko created ambitious projects to drill deeper than ever before Reserve Co.... Scheduled a meeting with bankers to discuss financing the expansion miles ) the business cycle who charge., here 's the way the contest designers decided to firm at which you work seeking help its... An answer: Nearly all nuclear power plants worldwide are built far from sources. ; the solution was to develop vertical drilling systems East reticence related frozen... Reticence related to frozen conflicts in the blank 3 Exeter is a reasonably certain candidate for health-based regulation is regarding. Commission rate for all of the following mistakes will Boeing make in the financial statements meters drilled is. The hazards drill they claimed they had found free water and that was simply not really with... Amount box does not require an entry, leave it blank error in the.! The chemicals used in hydraulic fracturing what could have been a possible solution to vehicles! They claimed they had found free water and that was simply not really open with their data % favor... Point in the financial manager of Kampfire has approached the investmentbanking firm at which you work seeking help its... Buyers will keep buying the oil, which serves as the solvent of meters drilled on controversial political.. Choose to end their fiscal year on March 31, June what could have been a possible solution to the soviet oil drilling problem, September 30, September,. Here & # x27 ; s oil and is more efficient than traditional well...