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

SOLUTIONMANUALFinancialAccounting,13th
b Edition

byCWilliamThomasandWendyM.TietzChapters 1b




b - 12, Complete
b b

,
,Chapter1 b




The Financial Statements
b b




Ethics Check
b




(5-10min.) EC1-1
b b b




a. Objectivityandindependence
b b




b. Due careb




c. Integrity
d. Integrity

, Short Exercises b




(10min.) S1-1 b b b




a. Corporation, b limited b partners b of b a b Limited-
liability partnership (LLP) and Limited-liability company
b b b b b b b




b (LLC). If any of these businesses fails and cannot pay its
b b b b b b b b b b




b liabilities, creditors cannot force the owners to pay the
b b b b b b b b




b business’s debts from the owners’ personal assets. Creditors
b b b b b b b




b can go after the general partner of a limited liability
b b b b b b b b b




partnership.
b




b. Proprietorship. There is a single owner of the business, so b b b b b b b b b




the owner is answerable to no other owner.
b b b b b b b b




c. Partnership. If the partnership fails and cannot pay its b b b b b b b b




b liabilities, creditors can force the partners to pay the b b b b b b b b




b business’s b debts b from b their b personal b assets.
b A partnership affords more protection for creditors than a
b b b b b b b b




b proprietorship because there are two or more owners b b b b b b b




b toshare this liability.
b b b




(5min.) S1-2b b b




1. The entity assumption applies.
b b b