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

SOLUTIONMANUALFinancialAccounting,13th Edition
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byWilliamThomasandWendyM.TietzChapters1- 12,
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Complete
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,
,Chapter1
TheFinancialStatements
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Ethics Check
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(5-10min.) EC1-1
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a. Objectivity and independence
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b. Due care
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c. Integrity
d. Integrity

, ShortExercises
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(10min.) S1-1 N N N




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




Nliabilitypartnership(LLP)andLimited- N N N




liability company (LLC). If any of these businesses fails and cannot pay
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itsliabilities,creditorscannotforcetheownerstopaythebu siness’s
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debtsfromtheowners’personalassets.Creditorscango after the
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Ngeneral partner of a limited liabilitypartnership.
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b. Proprietorship.Thereisasingleownerofthebusiness,sotheow ner N N N N N N N N N N N




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




Ncreditorscanforcethepartnerstopaythebusiness’s debts from
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Ntheir personal assets. Apartnership affords more protection fo
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Nrcreditorsthanaproprietorshipbecausetherearetwoormoreo
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N wners toshare this liability.
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(5min.) S1-2 N N N




1. The entityassumptionapplies.
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2. Application of the entity assumption will separate Osmond’s pers onal
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assets fromtheassetsof SimpleTreats, Inc. This will help Osmond,
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N investors, and N