Solution manual for financial accounting 13th edition by thomas tietz.pdf

SOLUTIONMANUALFinancialAccounting,13th
bb Edition

byCWilliamThomasandWendyM.TietzChapters1
12,Complete

,
,Chapter1

TheFinancialStatements


EthicsCheck

(5-10min.) EC1-1
b




a. Objectivityandindependence
b. Duecare
c. Integrity
d. Integrity

, ShortExercises
b




(10min.) S1-1 b




a. Corporation, b b limited b b partners b b of b b a b b Limited-
b liability partnership (LLP) and Limited-liability company
b b b b b




b (LLC). If any of these businesses fails and cannot pay its
b b b b b b b b b b




b liabilities, creditors cannot force the owners to pay the
b b b b b b b b




b business’sdebtsfromtheowners’personalassets.Creditors
b can go after the general partner of a limited liability
b b b b b b b b b




b partnership.

b. Proprietorship. There is a single owner of the business, so b b b b b b b b b




b theownerisanswerabletonootherowner.

c. Partnership. If the partnership fails and cannot pay its
b b b b b b b b




b liabilities, creditors can force the partners to pay the
b b b b b b b b




b business’s b debts b from b their b personal b assets.
b Apartnership affords more protection for creditors than a
b b b b b b b




b proprietorship because there are two or more owners b b b b b b b




b tosharethisliability.




(5min.) S1-2 b




1. The entityassumptionapplies.
b b b