On March 1, 2019, Larkspur, Inc. acquired real estate on which it planned to construct a small office building. The company paid $77,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $3,100. Additional expenditures before construction began included $1,700 attorney’s fee for work concerning the land purchase, $6,000 real estate broker’s fee, $7,300 architect’s fee, and $14,500 to put in driveways and a parking lot. Determine the amount to be reported as the cost of the land.
Cost of land $ .

How will firms solve the problem of an economic surplus a. decrease prices to the market equilibrium price b. decrease prices so they are below the market equilibrium price c.increase prices

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?

When partners own different portions of the business, the terms should be stated clearly in what document? the articles of incorporation the executive summary the business summary the partnership agreement