On January 1, 2021, Lamb and Mona LLP Admitted Norris

question 16

Essay

On January 1, 2021, Lamb and Mona LLP admitted Norris to a 20% interest in net assets for an investment of $50,000 cash. Prior to the admission of Norris, Lamb and Mona had net assets of $100,000 and an income-sharing ratio of 25% to Lamb and 75% to Mona. After the admission of Norris, the partnership contract included the following provisions:Salary of $40,000 a year to Norris.Remaining net income in ratio Lamb 20%, Mona 60%, Norris 20%.During the fiscal year ended December 31, 2021, the partnership had income of $90,000 prior to recognition of salary to Norris.Record the journal entry to allocate the salary of Norris.

Grasp the molecular basis of nutrient absorption at the cellular level.

Acknowledge the regulation and significance of blood glucose levels by insulin.

Identify the types and functions of cells in the digestive system.

Understand the major digestive processes, including absorption, secretion, and elimination.

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Definitions:

Time-Out

A behavioral intervention technique that involves temporarily removing an individual from an environment where undesired behavior has occurred, to decrease the likelihood of the behavior's recurrence.

Make-Up Exam

A test or examination given to a student who missed the original date, providing an opportunity to make up for the missed assessment.

Extra Credit

Additional points or marks given to students beyond the required assignments, often used as an incentive to encourage further learning or participation.

Negative Reinforcement

The strengthening of a behavior because it removes or diminishes a negative outcome.