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

SOLUTION MANUAL Financial Accounting,13th Edition
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by William Thomas and Wendy M.Tietz Chapters 1 -
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bb 12, Complete
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,
,Chapter 1 bb




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.) bb b b S 1-1bb




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




bb of these businesses fails and cannot pay its liabilities,
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bb creditors cannot force the owners to pay the business’s
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bb debts from the owners’ personal assets. Creditors can go
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bb after the general partner of a limited liability partnership.
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b. Proprietorship. There is a single owner of the business,so the
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bb owner is answerable to no other owner.
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c. Partnership. If the partnership fails and cannot pay its
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bb liabilities, creditors bb bb can bb force bb the bb partners bb to bb pay bb the
bb business’s b b debts b b from b b their b b personal b b assets. b b A
partnership affords more protection for creditors than a
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bb proprietorship because there are two or more owners to bb bb bb bb bb bb bb bb




share this liability.
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(5 min.) bb b b S 1-2bb




1. The entity assumption applies.
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2. Application of the entity assumption will separate Osmond’s
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bb personal assets from the assets of Simple Treats,
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b b will b b help b b Osmond, b b investors, b b and