Donner company is selling a piece of land adjacent to its business premises. an appraisal reported the market value of the land to be $220,000. focus company initially offered to buy the land for $177,000. the companies settled on a purchase price of $212,000. on the same day, another piece of land on the same block sold for $232,000. under the cost concept, at what amount should the land be recorded in the accounting records of focus company?
a. $232,000
b. $212,000
c. $220,000
d. $177,000

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Beck company had the following accounts and balances at the end of the year. what is net income or net loss for the year? cash $ 74 comma 000 accounts payable $12,000 common stock $21,000 dividends $12,000 operating expenses $ 13 comma 000 accounts receivable $ 49 comma 000 inventory $ 47 comma 000 longminusterm notes payable $33,000 revenues $ 91 comma 000 salaries payable $ 30 comma 000

What is one counter argument to the premise that the wealth gap is a serious problem which needs to be addressed?