SOLUTION MANUAL Financial Accounting,13th Edition by William Thomas and Wendy M.Tietz Chapters 1 - 12, Complete

SOLUTION MANUAL Financial Accounting,13th Edition
by William Thomas and Wendy M.Tietz Chapters 1 -
12, Complete

,
,Chapter 1 g




The Financial Statements
g g




EthicsgCheck

(5-10gmin.)g ECg1-1

a. Objectivitygandgindependence
b. Duegcare
c. Integrity
d. Integrity

, Shortg Exercises

(10gmin.)g Sg1-1

a. Corporation,g limitedg partnersg ofg ag Limited-
liabilitygpartnershipg(LLP)gandggLimited-
liabilityggcompanyg(LLC).gIfganygofgthesegbusinessesgfailsgandgcann
otgpaygitsgliabilities,gcreditorsgcannotgforcegthegownersgtogpaygthe
g business’sgdebtsgfromgthegowners’gpersonalgassets.gCreditorsgca
nggogaftergtheggeneralgpartnergofgaglimitedgliabilitygpartnership.

b. Proprietorship.gTheregisgagsinglegownergofgthegbusiness,gsogthegow
nergisganswerablegtognogothergowner.

c. Partnership.gIfgthegpartnershipgfailsgandgcannotgpaygitsgliabilities,
g creditorsgcangforcegthegpartnersgtogpaygthegbusiness’sg debtsg fro
mg theirg personalg assets.g Agpartnershipgaffordsgmoregprotectio
ngforgcreditorsgthangagproprietorshipgbecausegtheregaregtwogorgm
oregownersgtogsharegthisgliability.




(5gmin.)g Sg1-2


1. Theg entityg assumptiong applies.
2. ApplicationgofgthegentitygassumptiongwillgseparategOsmond’sgper
sonalgassetsgfromgthegassetsgofgSimplegTreats,g Inc.g Thisg willg help
g Osmond,g investors,g and