ACCOUNTING 4401-Xavier Company is going through a Chapter 7 bankruptcy.
by | Mar 18, 2020 | Uncategorized
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,200 in free cash. The following debts, totaling $43,050, remain:
|
|
|
Government claims to unpaid taxes |
$ |
7,000 |
Salary during last month owed to Mr. Key (not an officer) |
|
18,825 |
Administrative expenses |
|
3,450 |
Salary during last month owed to Ms. Rankin (not an officer) |
|
6,225 |
Unsecured accounts payable |
|
7,550 |
|
Indicate how much money will be paid to the creditor associated with each debt.
|
|
Administrative Expenses = 3,450
Government Claims to unpaid taxes=?
salary during last month owed to Mr. Key and Ms. Rankin=?
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