Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10. Perfect Enterprises led a Chapter T bankruptcy petition. The trustee of the estate has sold all nonexempt assets, performed all other work, and is
10. Perfect Enterprises led a Chapter T bankruptcy petition. The trustee of the estate has sold all nonexempt assets, performed all other work, and is notilr ready to distribute the assets of the estate. The only asset in the estate is cash of $144,000. The following are all of the yalidly led claims against the estate. How much would each creditor receive in the distribution? [5 points} Trustee's fee $10,000 Attorney fees for assisting Trustee 5 5:000 Accountant fees for assisting Trustee 5 4 000 Unpaid wages for5 employees of ' $1,200 each for the month prior to 5 000 filing the petition ' Federal Taxes $12,000 Unsecured Creditors: Joh nson $20,000 Smith $30,000 Jones $30,000 Secured Creditors: Brown $30,000 [Browns' collateral was sold for $10,000, and is part of the $144,000 mentioned above, thus he has not received any money yet}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started