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

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

,
,Chapter1
TheFinancialStatements
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Ethics Check
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(5-10min.) EC1-1
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a. Objectivity and independence
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b. Due care
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c. Integrity
d. Integrity

, ShortExercises
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(10min.) S1-1 t t t




a. Corporation, limited partners of a Limited- t t t t t




tliabilitypartnership(LLP)and Limited- t t t




liability company (LLC). If any of these businesses fails and cannot
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tpayitsliabilities,creditorscannot forcetheownerstopaythebu
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tsiness’sdebtsfromthe owners’personal assets.Creditorscango
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tafter the general partner of a limited liabilitypartnership.
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b. Proprietorship.Thereisasingleownerofthebusiness,sotheow ner t t t t t t t t t t t




tis answerable to no other owner.
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c. Partnership. If the partnership fails and cannot pay its liabilities, t t t t t t t t t




tcreditorscanforcethepartnerstopaythebusiness’s debts from
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ttheir personal assets. Apartnership affords more protection fo
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trcreditorsthanaproprietorshipbecausetherearetwoormoreo
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twners toshare this liability. t t t




(5min.) S1-2t t t




1. The entityassumption applies.
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2. Application of the entity assumption will separate Osmond’s pers t t t t t t t t




tonal assets fromthe assets of SimpleTreats, Inc. This will help
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tOsmond, investors, and t t