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Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $25,400 in free cash. The following
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $25,400 in free cash. The following debts, totaling $39,050, remain: Government claims to unpaid taxes $ 6,200 Salary during last month owed to Mr. Key (not an officer) 18,025 Administrative expenses 2,650 Salary during last month owed to Ms. Rankin (not an officer) 5,425 Unsecured accounts payable 6,750 nces Indicate how much money will be paid to the creditor pssociated with each debt. Amounts $ 2,650 Types of Debts Administrative expenses Salary during last month owed to Mr. Key and Ms. Rankin Government claims to unpaid taxes
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