Jenny D's Salon was petitioned into bankruptcy involuntarily on August 2, Year 3 and received an order of relief on August 26, Year 3. The claims and expenses against Jenny D's Salon estate are as follows:
Claims and expenses:
Fees earned by the bankruptcy trustee
$10,000
Fees earned by the bankruptcy attorney
4,000
Claims by unsecured general creditors
22,000
Claims by Skin Buff, Inc., Jenny D's Salon's skin care supplier for supplies ordered on August 10 and shipped August 15
1,000
Claims by employee Lisa for wages earned within 90 days of filing
3,000
Claims by employee Lisa for benefits earned within 120 days of filing
2,000
Claims by State tax authorities for the year-end of Year 1
1,000
For each claimant below, enter the dollar amount that will be distributed. After all assets are liquidated, $32,000 will be available for distribution.
AB1
How much will the bankruptcy attorney receive?
2
How much will Lisa receive?
3
How much will Skin Buff, Inc. receive?
4
How much will the state receive for its tax claim?
5
What amount is available for unsecured general creditors?