Financial Accounting, 13th Edition By C. William Thomas Wendy M Tietz Solution Manual
Financial Accounting
(Solution Manual)
Financial Accounting, 13th Edition By C. William Thomas Wendy M Tietz Solution Manual
Edition: 13thEdition
Author Name: C. William Thomas Wendy M Tietz
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Chapter 1
The Financial Statements
Ethics Check
(5-10 min.) EC 1-1
a. Objectivity and independence
b. Due care
c. Integrity
d. Integrity
1-2 Financial Accounting 13/e Solutions Manual Copyright © 2022 Pearson Education Inc.
Short Exercises
(10 min.) S 1-1
a. Corporation, limited partners of a Limited-liability partnership (LLP)
and Limited-liability company (LLC). If any of these businesses fails
and cannot pay its liabilities, creditors cannot force the owners to
pay the business’s debts from the owners’ personal assets.
Creditors can go after the general partner of a limited liability
partnership.
b. Proprietorship. There is a single owner of the business, so the
owner is answerable to no other owner.
c. Partnership. If the partnership fails and cannot pay its liabilities,
creditors can force the partners to pay the business’s debts from
their personal assets. A partnership affords more protection for
creditors than a proprietorship because there are two or more
owners to share this liability.
(5 min.) S 1-2
1. The entity assumption applies.
2. Application of the entity assumption will separate Osmond’s
personal assets from the assets of Simple Treats, Inc. This will help
Osmond, investors, and lenders know how much assets, liabilities
Copyright © 2022 Pearson Education Inc. Chapter 1 The Financial Statements 1-3
and equity the business has, and this knowledge will help all parties
evaluate the business realistically.
(5-10 min.) S 1-3
a. Stable-monetary-unit assumption
b. Historical cost principle; $300 is the accounting value of the
laptop
c. Historical cost principle; the sale price is the amount actually
received from the sale
d. Entity assumption
(10 min.) S 1-4
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