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

SOLUTIONMANUAL FinancialAccounting,13th
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gi Edition

byCWilliamThomasandWendyM.TietzChapters
gi 1 - 12, Complete
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,
,Chapter 1 gi




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
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c. Integrity
d. Integrity

, Short Exercises
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(10 min.) gi g i S 1-1
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a. Corporation, g i limited g i partners g i of g i a g i Limited-
liability partnership ig (LLP)
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gi company (LLC). If any of these businesses fails and
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gi cannot pay its liabilities, creditors cannot force the
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gi owners to pay the business’s debts from the owners’
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gi personal assets. Creditors can go after the general
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gi partner of a limited liability partnership.
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b. Proprietorship. gi There gi is gi a single
gi owner
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gi business, so the owner is answerable to no other
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gi owner.

c. Partnership. If the partnership fails and cannot pay its
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gi liabilities, creditors can force the partners to pay the
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gi business’s g i debts g i from g i their g i personal g i assets.
g i A partnership affords more protection for creditors
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gi than a proprietorship because there are two or more
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gi owners toshare this liability.
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(5 min.) gi g i S 1-2
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