Question

Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $25,200 in free cash. The following debts, totaling $38,050, remain:
Government claims to unpaid taxes . . . . . . . . . . . . . . . . . . . . . . . . $ 6,000
Salary during last month owed to Mr. Key (not an officer) . . . . . . . 17,050
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,450
Salary during last month owed to Ms. Rankin (not an officer) . . . . . 6,000
Unsecured accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,550

Indicate how much money will be paid to the creditor associated with each debt.



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  • CreatedOctober 04, 2014
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