REFERENCE: Ref.14-10 on January 1,2008,Lamb and Mona LLP Admitted Noris to a to a 20

question 36

Essay

REFERENCE: Ref.14-10
On January 1,2008,Lamb and Mona LLP admitted Noris to a 20% interest in net assets for an investment of $50,000 cash.Prior to the admission of Noris,Lamb and Mona had net assets of $100,000 and an income-sharing ratio of Lamb 25%,Mona 75%.After the admission of Noris,the partnership contract included the following provisions:
Salary of $40,000 a year to Noris.
Remaining net income in ratio Lamb 20%,Mona 60%,Noris 20%
During the fiscal year ended December 31,2008,the partnership had income of $90,000 prior to recognition of salary to Noris.
-Record the journal entry to record the net income to the capital accounts

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Definitions:

Basic Emotions

Fundamental emotions that are universally recognized and experienced by humans such as happiness, sadness, fear, and anger.

Infant Facial Expressions

The various facial movements newborns and infants exhibit to communicate emotions, needs, and responses to stimuli, reflecting early non-verbal communication skills.

Stability Of Temperament

The consistency of individual differences in mood and behavior patterns across time and situations.

Ethnic Groups

Groups of people distinguished by their cultural heritage, race, language, and common history.