SOLUTION MANUAL Financial Accounting 13th Edition by Weygandt and Kimmel all Chapters 1-13 Complete.pdf

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




The Financial Statements
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mEthics Check
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(5-10 min.) EC 1-1
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a. Objectivity and independence
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b. Due care
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c. Integrity
d. Integrity

, Short Exercises
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(10 min.) S 1-1
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a. Corporation, limited partners of a Limited- m m m m m




m liabilitypartnership (LLP) and Limited- m m m




liability company (LLC). If any of these businesses fails and can
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n ot pay its liabilities, creditors cannot force the owners to pa
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y th e business’s debts from the owners’ personal assets. Credi
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tors c an go after the general partner of a limited liability part
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nership.

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



o wner is answerable to no other owner.
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c. Partnership. If the partnership fails and cannot pay its liabilities
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, creditors can force the partners to pay the business’s debts
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fr om their personal assets. Apartnership affords more prote
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cti on for creditors than a proprietorship because there are tw
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o or more owners toshare this liability.
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(5 min.) S 1-2
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1. The entity assumption applies.
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2. Application of the entity assumption will separate Osmond’s p
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e rsonal assets from the assets of Simple Treats, Inc. This will
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he lp Osmond, investors, and
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