SOLUTION,MANUAL,Financial,Accounting,13th,Edition
by,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,and,independence
b. Due,care
c. Integrity
d. Integrity
, Short, Exercises
(10,min.), S,1-1
a. Corporation,, limited, partners, of, a, Limited-
liability,partnership,(LLP),and,,Limited-
liability,,company,(LLC).,If,any,of,these,businesses,fails,and,cann
ot,pay,its,liabilities,,creditors,cannot,force,the,owners,to,pay,the
,business’s,debts,from,the,owners’,personal,assets.,Creditors,ca
n,go,after,the,general,partner,of,a,limited,liability,partnership.
b. Proprietorship.,There,is,a,single,owner,of,the,business,,so,the,o
wner,is,answerable,to,no,other,owner.
c. Partnership.,If,the,partnership,fails,and,cannot,pay,its,liabilities,
,creditors,can,force,the,partners,to,pay,the,business’s, debts, fro
m, their, personal, assets., A,partnership,affords,more,protectio
n,for,creditors,than,a,proprietorship,because,there,are,two,or,m
ore,owners,to,share,this,liability.
(5,min.), S,1-2
1. The, entity, assumption, applies.
2. Application,of,the,entity,assumption,will,separate,Osmond’s,per
sonal,assets,from,the,assets,of,Simple,Treats,, Inc., This, will, hel
p, Osmond,, investors,, and
by,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,and,independence
b. Due,care
c. Integrity
d. Integrity
, Short, Exercises
(10,min.), S,1-1
a. Corporation,, limited, partners, of, a, Limited-
liability,partnership,(LLP),and,,Limited-
liability,,company,(LLC).,If,any,of,these,businesses,fails,and,cann
ot,pay,its,liabilities,,creditors,cannot,force,the,owners,to,pay,the
,business’s,debts,from,the,owners’,personal,assets.,Creditors,ca
n,go,after,the,general,partner,of,a,limited,liability,partnership.
b. Proprietorship.,There,is,a,single,owner,of,the,business,,so,the,o
wner,is,answerable,to,no,other,owner.
c. Partnership.,If,the,partnership,fails,and,cannot,pay,its,liabilities,
,creditors,can,force,the,partners,to,pay,the,business’s, debts, fro
m, their, personal, assets., A,partnership,affords,more,protectio
n,for,creditors,than,a,proprietorship,because,there,are,two,or,m
ore,owners,to,share,this,liability.
(5,min.), S,1-2
1. The, entity, assumption, applies.
2. Application,of,the,entity,assumption,will,separate,Osmond’s,per
sonal,assets,from,the,assets,of,Simple,Treats,, Inc., This, will, hel
p, Osmond,, investors,, and
