On february 10, 2018, after issuance of its financial statements for 2017, higgins company entered into a financing agreement with cleveland bank, allowing higgins company to borrow up to $8,000,000 at any time through 2020. amounts borrowed under the agreement bear interest at 2% above the bank's prime interest rate and mature two years from the date of loan. higgins company presently has $3,000,000 of notes payable with star national bank maturing march 15, 2018. the company intends to borrow $5,000,000 under the agreement with cleveland and liquidate the notes payable to star national bank. the agreement with cleveland also requires higgins to maintain a working capital level of $12,000,000 and prohibits the payment of dividends on common stock without prior approval by cleveland bank. from the above information only, the total short-term debt of higgins company as of the december 31, 2017 balance sheet date is group of answer choices $0. $3,000,000. $4,000,000. $8,000,000.

Sean lives in dallas and runs a business that sells boats. in an average year, he receives $722,000 from selling boats. of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. he owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. assume that the value of this showroom does not depreciate over the year. also, if sean does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $2,000 per year rate. no other costs are incurred in running this boat business.identify each of sean's costs in the following table as either an implicit cost or an explicit cost of selling boats.implicit costexplicit costthe wages and utility bills that sean pays the rental income sean could receive if he chose to rent out his showroom the salary sean could earn if he worked as a paralegal the wholesale cost for the boats that sean pays the