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

SOLUTIONMANUAL Financial Accounting,13th Edition
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byWilliam ThomasandWendyM.Tietz Chapters1- 12,
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m Complete

,
,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

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




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




m liabilitypartnership(LLP)and Limited- m m m




liability company (LLC). If any of these businesses fails and cannot pay
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its liabilities,creditors cannot forcetheowners to paythe bu siness’s
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debts fromthe owners’personal assets.Creditors cango after the
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mgeneral partner of a limited liability partnership.
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b. Proprietorship.Thereisasingleownerofthebusiness,sotheow ner m m m m m m m m m m m




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




m creditorscanforcethepartnerstopaythebusiness’s debts from
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m their personal assets. Apartnership affords more protection fo r
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creditorsthanaproprietorshipbecausetherearetwoormoreo
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m wners toshare this liability.m m m




(5min.) S1-2 m m m




1. The entityassumption applies.
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2. Application of the entity assumption will separate Osmond’s pers
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m onal assets from the assets of SimpleTreats, Inc. This will help
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m Osmond, investors, and m m