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**** This question is complete and I cannot figure out the salary during last month owed to Mr Key and Ms rakin Xavier Company is
**** This question is complete and I cannot figure out the salary during last month owed to Mr Key and Ms rakin
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,300 in free cash. The following debts, totaling $43,550, remain: $ 7,100 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 18,925 3,550 6,325 7,650 Indicate how much money will be paid to the creditor associated with each debt. 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 Administrative expenses $ 3,550 Salary during last month owed to Mr. Key and Ms. Rankin $ (18,975) Government claims to unpaid taxes $ 7,100Step by Step Solution
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