Assume that gonzalez company purchased an asset on january 1, 2014, for $60,000. the asset had an estimated life of six years and an estimated residual value of $6,000. the company used the straight-line method to depreciate the asset. on july 1, 2016, the asset was sold for $40,000. required 1. make the journal entry to record depreciation for 2016. record all transactions necessary for the sale of the asset. 2. how should the gain or loss on the sale of the asset be presented on the income statement?

On february 10, 2014, after issuance of its financial statements for 2013, higgins company entered into a financing agreement with cleveland bank, allowing higgins company to borrow up to $6,000,000 at any time through 2016. 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 $2,250,000 of notes payable with star national bank maturing march 15, 2014. the company intends to borrow $3,750,000 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 $9,000,000 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, 2013 balance sheet date is

During winter, red foxes hunt small rodents by jumping into thick snow cover. researchers report that a hunting trip lasts on average 19 minutes and involves on average 7 jumps. they also reported that, surprisingly, 79% of all successful jumps are made in the northeast direction. three variables are mentioned in this report. the third variable mentioned is

Alina davis expects to receive $2000 in six months her bank offers a loan at an annual rate of 5.60% how much could she borrow if she wants to be able to pay of the entire loan (including interest) with the $2000 she will receive in six months? a. $1923.78 b. $1945.53 c. $1887.94 d.$ 1845.57