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

SOLUTION MANUAL u




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 u




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 careu




c. Integrity
d. Integrity

, Short Exercises
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(10 min.) S 1-1 u uu u




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




liability partnership (LLP) and Limited-
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liability company (LLC). If any of these businesses fails and cann
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ot pay its liabilities, creditorscannot force the owners to pay the
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business’s debts from the owners’ personal assets. Creditors can
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go after the general partner of a limited liability partnership.
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b. Proprietorship. There is a single owner of the business, so the owne
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r 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 fro
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m their personal assets. A partnership affords more protection f
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or creditors than a proprietorship because there are two or more
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u 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’spers
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onal assets from the assets of Simple Treats, Inc. This will help O
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smond, investors, and u u