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

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

,
,Chapter 1 b




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 careb




c. Integrity
d. Integrity

, Short Exercises
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(10 min.) S 1-1
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a. Corporation, b limited b partners b of b a b Limited-
liability partnership (LLP) and Limited-liability company (LLC). If
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b any of these businesses fails and cannot pay its liabilities,
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b creditors cannot force the owners to pay the business’s debts
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b from the owners’ personal assets. Creditors can go after the
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b general partner of a limited liability partnership.
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b. Proprietorship. There is a single owner of the business, so the b b b b b b b b b b




bowner 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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b creditors can force the partners to pay the business’s
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b from b their b personal b assets. b A partnership affords more
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b protection for creditors than a proprietorship because there are
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b two or more 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’s
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b personal assets from the assets of Simple Treats,
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b will help Osmond, investors, and
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