Reference no: EM134943
Xavier Company is going through a Chapter bankruptcy. Every asset have been liquidated, and the company retains only $25,700 in free cash. The following debts, totaling $40,550, remain:
Government claims to unpaid taxes $ 6,500
Salary during last month owed to Mr. Key (not an officer) 18,325
Administrative expenses 2,950
Salary during last month owed to Ms. Rankin (not an officer) 5,725
Unsecured accounts payable 7,050
Indicate how much money will be paid to the creditor associated with each debt. (Be sure to list liabilities in the order of priority.)
Government claims to unpaid taxes Salary during last month owed to Ms. Rankin Salary during last month owed to Mr. Key Unsecured accounts payable Administrative expenses
Salary during last month owed to Ms. Rankin Government claims to unpaid taxes Unsecured accounts payable Administrative expenses Salary during last month owed to Mr. Key and Ms. Rankin
Salary during last month owed to Mr. Key Salary during last month owed to Ms. Rankin Unsecured accounts payable Government claims to unpaid taxes Administrative expenses
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How much money will be paid to creditor associated with debt
: How much money will be paid to the creditor associated with each debt. Salary during last month owed to Mr. Key Salary during last month owed to Ms. Rankin Unsecured accounts payable Government claims to unpaid taxes Administrative expenses
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