Solution Manual – Thomas & Tietz – Financial Accounting 13th Edition – ISBN 9780136899617 – 2026

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

,
,Chapter 1
The Financial Statements

Ethics Check

(5-10 min.) EC 1-1

a. Objectivity vand vindependence
b. Due vcare
c. Integrity
d. Integrity

, Short v Exercises

(10 vmin.) v S v1-1

a. Corporation, v limited v partners v of v a v Limited-liability
partnership v(LLP) vand v vLimited-liability v vcompany v(LLC). vIf vany
v


v of vthese vbusinesses vfails vand vcannot vpay vits vliabilities,
v creditors vcannot vforce vthe vowners vto vpay vthe vbusiness’s
v debts vfrom vthe vowners’ vpersonal vassets. vCreditors vcan vgo
v after vthe vgeneral vpartner vof va vlimited vliability vpartnership.

b. Proprietorship. vThere vis va vsingle vowner vof vthe vbusiness, vso
vthe vowner vis vanswerable vto vno vother vowner.

c. Partnership. vIf vthe vpartnership vfails vand vcannot vpay vits
v liabilities, vcreditors vcan vforce vthe vpartners vto vpay vthe
v business’s v debts v from v their v personal v assets. v A
partnership vaffords vmore vprotection vfor vcreditors vthan va
v


v proprietorship vbecause vthere vare vtwo vor vmore vowners vto
share vthis vliability.
v




(5 vmin.) v S v1-2


1. The v entity v assumption v applies.
2. Application vof vthe ventity vassumption vwill vseparate vOsmond’s
v personal vassets vfrom vthe vassets vof vSimple vTreats, v Inc. v This
v will v help v Osmond, v investors, v and