Rank the following claims of an organization filing Chapter 7 bankruptcy from 1 to 4 based on the following classifications. Each classification may be used more than once.
1. Secured Claims
2. Unsecured Priority Claims
3. Unsecured Nonpriority Claims
4. Stockholders' Claims
_______A. Claims for wages that are less than per individ ual, earned within 90 days of petition for bankruptcy.
_______B. Legal fees incurred after petitioning the court for Chapter 7 .
_______C. Claim by the accounting firm for the aud it fee from the prior year-end audit completed two months prior to the bankruptcy filing.
_______D. Claims for employee benefit plan contributions that are less than per individual and relating to services rendered within 180 days of bankruptcy filing.
_______E. Claims with a valid lien against assets of the entity.
_______F. Claim by employee for commissions earned in 90 days prior to filing bankruptcy petition, for the portion in excess of .
_______G. Administrative expenses of the estate, such as trustee fees.
_______H. Claim by a supplier for goods delivered on account.
_______I. Interest on unsecured claims.
_______J. Taxes owed to a government unit.
Correct Answer:
Verified
B. 2
...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q26: Hilfmir Corporation filed for Chapter 11 bankruptcy
Q27: Lesher Corporation lost their primary contract and
Q28: Kline Corporation incurred major losses in 2014
Q29: Aqua Corporation filed a petition under Chapter
Q30: Alitech Corporation is liquidating under Chapter 7
Q32: DeFunk Corporation is being liquidated under Chapter
Q33: Gonne Corporation is being liquidated under Chapter
Q34: Moddle Corporation is being liquidated under Chapter
Q35: CommTex Corporation is liquidating under Chapter 7
Q36: Oceana Corporation is being liquidated under Chapter
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents