Solution manual for financial accounting 13th edition by thomas tietz.

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




The Financial Statements
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Ethics Check
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(5-10 min.)
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a. Objectivity and independence
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b. Due care nv




c. Integrity
d. Integrity

, Short Exercises nv




(10min.) S1-1 n
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a. Corporation, n v limited n v partners n v of n v a n v Limited-liability
partnership (LLP) and Limited-liability company (LLC). If any of
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nv these businesses fails and cannot pay its liabilities, creditors
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nv cannot force the owners to pay the business’s debts from the
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nv owners’ personal assets. Creditors can go after the general
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nv partner of a limited liability partnership. nv nv nv nv nv




b. Proprietorship. There is a single owner of the business, so the nv nv nv nv nv nv nv nv v
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nv owner is answerable to no other owner.
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c. Partnership. If the partnership fails and cannot pay its liabilities, nv nv nv nv nv nv nv nv nv




nv creditors can force the partners to pay the business’s nv nv nv nv nv nv nv nv n v debts
n v from n v their n v personal n v assets. n v A partnership affords more
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nv protection for creditors than a proprietorship because there are nv nv nv nv nv nv nv nv




nv two or more owners toshare this liability.
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(5min.) S1-2 n
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1. The entity assumption applies.
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2. Application of the entity assumption will separate Osmond’s nv nv nv nv nv nv nv




nv personal assets from the assets of Simple Treats, nv nv nv nv nv nv nv n v Inc. n v This
n v will help Osmond, investors, and
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