Palmer Co. had the following amounts for its assets, liabilities, and stockholders' equity accounts just before filing a bankruptcy petition and requesting liquidation: Of the salaries payable, $35,000 was owed to an officer of the company. The remaining amount was owed to salaried employees who had not been paid within the previous 80 days: Barbara Jones was owed $11,200, Denise Graham was owed $18,700, John Sanders was owed $12,100, and Robert Walters was owed $3,000. The maximum owed for any one employee's claims for contributions to benefit plans was $800. Estimated expense for administering the liquidation amounted to $45,000.What was the total amount of unsecured liabilities with priority?

Question

Palmer Co. had the following amounts for its assets, liabilities, and stockholders' equity accounts just before filing a bankruptcy petition and requesting liquidation:  Of the salaries payable, $35,000 was owed to an officer of the company. The remaining amount was owed to salaried employees who had not been paid within the previous 80 days: Barbara Jones was owed $11,200, Denise Graham was owed $18,700, John Sanders was owed $12,100, and Robert Walters was owed $3,000. The maximum owed for any one employee's claims for contributions to benefit plans was $800. Estimated expense for administering the liquidation amounted to $45,000.What was the total amount of unsecured liabilities with priority?

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The Answer of Palmer Co. had the following amounts for its assets, liabilities, and stockholders' equity accounts just before filing a bankruptcy petition and requesting liquidation:  Of the salaries payable, $35,000 was owed to an officer of the company. The remaining amount was owed to salaried employees who had not been paid within the previous 80 days: Barbara Jones was owed $11,200, Denise Graham was owed $18,700, John Sanders was owed $12,100, and Robert Walters was owed $3,000. The maximum owed for any one employee's claims for contributions to benefit plans was $800. Estimated expense for administering the liquidation amounted to $45,000.What was the total amount of unsecured liabilities with priority?

Palmer Co Had the Following Amounts for Its Assets, Liabilities, and and Stockholders