Remington and Rutger's Joyful Partnership Adventure!

What is the total share of liabilities for Remington in the partnership?

Remington is a general partner who owns a 50% interest in Steele Enterprises. The partnership has $80,000 in recourse liabilities and $45,000 in non-recourse liabilities. What is Remington's total share of liabilities?

Remington's Total Share of Liabilities

Remington, as a general partner, owns a 50% interest in Steele Enterprises. The partnership has both recourse and non-recourse liabilities. The total share of liabilities for Remington can be calculated by determining Remington's proportionate share of each type of liability and then summing them up.

Remington's share of recourse liabilities would be 50% of the total recourse liabilities, which amounts to $80,000 * 50% = $40,000. Since recourse liabilities are the responsibility of the partners, Remington would be accountable for $40,000.

On the other hand, non-recourse liabilities are not the personal responsibility of the partners but rather the partnership itself. Therefore, Remington's share of non-recourse liabilities does not directly impact his personal liability. The $45,000 in non-recourse liabilities would be borne by the partnership as a whole.

Thus, Remington's total share of liabilities is $40,000, which represents his 50% interest in the recourse liabilities of the partnership.

Remington's total share of liabilities in the partnership amounts to $40,000. As partners in Steele Enterprises, both Remington and Rutger share responsibilities and contributions to the success of the business. Remember, partnerships are about teamwork and shared values!