8 lesher corporation lost their primary contract and entered into voluntary chapter 4307448

8 lesher corporation lost their primary contract and entered into voluntary chapter 4307448

8) Lesher Corporation lost their primary contract and entered into voluntary Chapter 7 bankruptcy in the early part of 2012. By July 1, all assets were converted into cash, the secured creditors were paid, and $124,500 in cash was left to pay the remaining claims as follows:

Accounts payable$50,000

Claims incurred between the date of filing an involuntary

bankruptcy petition and the date an interim trustee is appointed8,000

Payroll taxes withheld14,000

Wages payable (all under $10,000 per employee; earned within

90 days of filing bankruptcy petition)56,000

Unsecured note payable37,500

Accrued interest on the note payable2,000

Administrative expenses of the trustee    22,000

Total$  189,500

Required:

Classify the claims by their Chapter 7 priority ranking, and analyze which amounts will be paid and which amounts will be written off.

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now

Related Posts