Rank the following from first to last in order of payment at liquidation of a corporation.
General creditors.
Preferred stock.
Subordinated debentures.
Accrued taxes.
A) IV, I, III, II.
B) III, IV, I, II.
C) III, IV, II, I.
D) IV, III, I, II.
Answer: A) IV, I, III, II.