Creditors of Jones Corporation are considering petitioning the courts to force the company into Chapter...
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Accounting
Creditors of Jones Corporation are considering petitioning the courts to force the company into Chapter 7 bankruptcy The following information has been determined. Administrative expenses in connection with the liquidation are estimated to be $39,000 Indicate the amount of money that each class of creditors can anticipate receiving Indicate the amount of money that each class of creditors can anticipate receiving. \begin{tabular}{|l|} \hline Free assets \\ \hline Liabilities with priority \\ \hline Free assets after payment of liabilities with priority \\ \hline Unsecured liabilities \\ \hline Payment on notes payable (secured by land) \\ \hline Payment on notes payable (secured by buildings) \\ \hline Payment on bonds payable \\ \hline Payment on accounts payable (unsecured) \\ \hline Payment of salaries payable \\ \hline Payment of taxes payable \\ \hline Payment of administrative expenses \\ \hline \end{tabular}
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