138.Explain the meaning of:
139.Bob Johnson is the sole owner of Johnson’s Carpet Cleaning Service. Bob purchased a personal automobile for$10,000 cash plus he took out a loan for $20,000 in his name. Describe how this transaction is related to thebusiness entity concept.
140.Dave Ryan is the CEO of Ryan's Arcade. At the end of its accounting period, December 31, Ryan’s Arcade has asliabilities of $125,000. Using the accounting equation, determine the following amounts:
(a)stockholders' equity as of December 31 of the current year
(b)stockholders' equity as of December 31 at the end of the next year, assuming that assetsincreased by $65,000 and liabilities increased by $35,000 during the year
141.Krammer Company has liabilities equal to one fourth of the total assets. Krammer’s stockholders' equity is$45,000. Using the accounting equation, what is the amount of liabilities for Krammer?
142.Determine the missing amount for each of the following:
AssetsLiabilitiesStockholders' Equity
(a)$38,000$45,000
$30,000(b)$22,000
$53,000$32,000(c)