P 18-3 Claims rankings and cash distribution upon liquidation

Required: 1. Rank the claims according to priority under the bankruptcy act.

2. Show how the available cash will be distributed in final liquidation of the corporation.

Thank you!!

P 18-3 Claims rankings and cash distribution upon liquidation Fab is being liquidated under Chapter 7 of the bankruptcy act. All assets have been converted into cash, and $374,500 cash is available to pay the following claims: Assume that all the claims are allowed and that they were timely filed. Required 1. Rank the claims according to priority under the bankruptcy act. 2. Show how the available cash will be distributed in final liquidation of the corporation