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Category > Business & Finance Posted 26 May 2017 My Price 4.00

Chapter 7 bankruptcy

Fletcher Excursions Inc. filed for Chapter 7 bankruptcy. It has $100,000 debts outstanding. $50,000 is owed to Arthur Thomas secured by a boat worth $25,000. $30,000 is owed to Bradley Thompson secured by a truck worth $30,000. $20,000 is owed to Clarence Garcia which is unsecured. The month before Fletcher closed and filed for bankruptcy, the employees earned $25,000 but were not paid. They should also have been credited $1500 for their pension plan. Fletcher owes $4,000 in back taxes. In administering the estate, the trustee paid $5,000 in attorney’s fees. In what order will the claims be paid? Why? 

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SuperTutor
(15)
Status NEW Posted 26 May 2017 06:05 AM My Price 4.00

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file 1495781556-Solutions file.docx preview (51 words )
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