Solution Manual For Financial Accounting, 13th Edition by C William Thomas and Wendy M. Tietz, Verified Chapters 1 - 12, Complete Newest Version Updated 2025

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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,
,Chapter1 i




TheFinancialStatements
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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 care i




c. Integrity
d. Integrity

, Short Exercises
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(10 min.) S 1-1 i i i




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




i liabilitypartnership (LLP) and Limited- i i i




liability company (LLC). If any of these businesses fails and cann ot
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i pay its liabilities, creditors cannot force the owners to pay th e
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i business’s debts from the owners’ personal assets. Creditors c an
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i 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 o i i i i i i i i i i




i wner is answerable to no other owner.
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c. Partnership. If the partnership fails and cannot pay its liabilities i i i i i i i i i




, creditors can force the partners to pay the business’s debts fr
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i om their personal assets. Apartnership affords more protecti
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i on for creditors than a proprietorship because there are two or
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i more owners toshare this liability.
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(5 min.) S1-2
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1. The entity assumption applies.
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2. Application of the entity assumption will separate Osmond’s pe i i i i i i i i




i rsonal assets from the assets of Simple Treats, Inc. This will he lp
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i Osmond, investors, and i i