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What is the distribution of these proceeds

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Consider Failures Galore, Inc. (Tables 23.10 and 23.11), discussed in this chapter.

a. If total liquidation proceeds are $5.95 million, what is the distribution of these proceeds among the various creditors of Failures Galore?

b. If total liquidation proceeds are $7.65 million, what is the distribution of these proceeds among the various creditors of Failures Galore?

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The subordinated debentures are subordinate to the bank notes payable. Assume that all the accrued wages can be paid out of the liquidationproceeds. 

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Reference no: EM131122539

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