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1 2 Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,800 free cash.
1 2 Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,800 free cash. The following debts, totaling $46,050, remain: points Government claims to unpaid taxes Salary during last month owed to Mr. Key (not an officer) Administrative expenses Salary during last month owed to Ms. Rankin (not an officer) Unsecured accounts payable $ 7,600 19,425 4,050 6,825 8,150 Indicate how much money will be paid to the creditor associated with each debt. Answer is complete but not entirely correct. Types of Debts Amounts Unsecured accounts payable $ 8,150 Salary during last month owed to Mr. Key and Ms. Rankin $ 26,250 Administrative expenses $ 4,050
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