WorldGone, Inc. declared bankruptcy on September 25, 2018 through a Chapter 7 filing. WorldGone's balance sheet at

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WorldGone, Inc. declared bankruptcy on September 25, 2018 through a Chapter 7 filing. WorldGone's balance sheet at the time of the bankruptcy filing is listed below.

WorldGone, Inc. declared bankruptcy on September 25, 2018 through a

The accrued wages were earned within the last 90 days prior to filing for bankruptcy. The unpaid employee benefits were due in the six months prior to the filing for bankruptcy. The unsecured customer deposits are for less than $900 each. WorldGone, Inc. has no property taxes past due. The first mortgage is secured against the fixed assets of the firm. The debentures are subordinate to the notes payable to banks. The liquidation of the firm's current assets produced $2,263 million and of the firm's fixed assets produced $3,722 million for a total of only $5,985 million in funds to distribute to the creditors and stockholders of the firm.
The administrative expenses associated with the bankruptcy totaled $25 million and unpaid expenses incurred after the filing of the bankruptcy petition but before the trustee was appointed totaled $10 million. Show how the trustee will distribute the $5,985 million of funds among the WorldGone's creditors and stockholders.

Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....
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