For many years the acme company carried on business as a

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Reference no: EM13383090

For many years the Acme Company carried on business as a manufacturer of consumer products. In 1988, it embarked on an ambitious program of expansion that involved the·acquisition of a new plant and equipment. Financing was by way of real property mortgages, chattel mortgages, and conditional sales agreements, with very few internally-generated funds being used for the expansIon.

The general decline in demand for its product line as a result of the energy crisis 'and poor economic climate placed the company in serious financial difficulty by 1989. As a result of a failure to pay a trade account to one creditor, bankruptcy proceedings were instituted.

The trustee disposed of the assets of the company and drew up a list of the creditors entitled to share in the proceeds. His preliminary calculations were as follows:

1045_Calculate the distribution of the funds.png

Calculate the distribution of the funds to the various creditors and calculate the cents per dollar amount that the unsecured trade creditors would receive.

Reference no: EM13383090

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