SOLUTION MANUAL Financial Accounting,13th Edition by Thomas and Tietz all Chapters 1-12, Complete
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Financial Accounting 13th Edition by Thomas
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Financial Accounting 13th Edition By Thomas
SOLUTION MANUAL for Financial Accounting,13th Edition by Thomas and Tietz all Chapters 1-12, Complete
SOLUTION MANUAL for Financial Accounting,13th Edition by Thomas and Tietz all Chapters 1-12, Complete
SOLUTION MANUAL for Financial Accounting,13th Edition by Thomas and Tietz all Chapters ...
SOLUTION MANUAL
Financial Accounting,13th Edition
by Thomas and Tietz
all Chapters 1-12, Complete
,
,Chapter 1 x
The Financial Statements
x x
Ethics Check
x
(5-10 min.) EC 1-1
x x x
a. Objectivity and independence
x x
b. Due carex
c. Integrity
d. Integrity
, Short Exercises
x
(10 min.) S 1-1
x x x
a. Corporation, limited partners of a Limited- x x x x x
liabilitypartnership (LLP) and Limited-
x x x xx
liability company (LLC). If any of these businesses fails and cannot
xx x x x x x x x x x
x pay its liabilities, creditors cannot force the owners to pay the bu
x x x x x x x x x x x
siness’s debts from the owners’ personal assets. Creditors can go
x x x x x x x x x x
after the general partner of a limited liability partnership.
x x x x x x x x
b. Proprietorship. There is a single owner of the business,so the ow x x x x x x x x x x x
ner is answerable to no other owner.
x x x x x x
c. Partnership. If the partnership fails and cannot pay its liabilities, c
x x x x x x x x x x
reditors can force the partners to pay the business’s debts from
x x x x x x x x x x x
their personal assets. Apartnership affords more protection for
x x x x x x x x x
creditors than a proprietorship because there are two or more ow
x x x x x x x x x x
ners toshare this liability.
x x x x
(5 min.) S 1-2
x x x
1. The entity assumption applies.
x x x
2. Application of the entity assumption will separate Osmond’s pers
x x x x x x x x
onal assets from the assets of Simple Treats, Inc. This will help
x x x x x x x x x x x x
Osmond, investors, and x x
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