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How much will carl receive that is owed to them

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Question - Unlucky Charlie's, a chain of local restaurants has filed for bankruptcy. The court has decided that the business should be liquidated. Charlie has total liabilities as follows:

Secured loan on the delivery vehicle $35,000

Unpaid employee wages $12,000

Misc. vendor claims from restaurant suppliers $42,000

Past-due taxes $18,000

Revolving line of credit from the local bank $67,000

The liquidation value of Charlie's assets total $116,000. Carl's Carpet Service is owed $5,000 as part of the $42,000 owed to restaurant suppliers. How much will Carl receive of the $5,000 that is owed to them?

Reference no: EM133186667

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