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 c




The Financial Statements
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Ethics Check
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(5-10min.) EC1-1
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a. Objectivity andindependence
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b. Due care c




c. Integrity
d. Integrity

, Short Exercises
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(10min.) S1-1 c c c




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




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




c creditors can force the partners to pay the business’s debts from
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c their personal assets. A partnership affords more protection
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c for creditors than a proprietorship because there are two or more
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c owners toshare this liability. c c c c




(5min.) S1-2c c c




1. The entity assumption applies.
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2. Application of the entity assumption will separate Osmond’s c c c c c c c




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