Solution manual for financial accounting 13th edition by thomas tietz charpter 1-12

SOLUTION MANUAL t




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




The Financial Statements
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Ethics 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 caret




c. Integrity
d. Integrity

, Short Exercises
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(10 min.) S 1-1 t tt t




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




liability partnership (LLP) and Limited-
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liability company (LLC). If any of these businesses fails and cannot
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pay its liabilities, creditorscannot force the owners to pay the busi
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ness’s debts from the owners’ personal assets. Creditors can go aft
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er the general partner of a limited liability partnership.
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b. Proprietorship. There is a single owner of the business, so the owner i t t t t t t t t t t t t




s answerable to no other owner.
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c. Partnership. If the partnership fails and cannot pay its liabilities,cr
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editors can force the partners to pay the business’s debts from th
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eir personal assets. A partnership affords more protection for cre
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ditors than a proprietorship because there are two or more owner
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s 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’sperso
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nal assets from the assets of Simple Treats, Inc. This will help Osm
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ond, investors, and t t