On January 1 of the current year, three individuals organized Northwest Company as a corporation. Each individual invested $10,000 cash in the business. On December 31 of the current year, they prepared a list of resources owned (assets) and debts owed (liabilities) to support a company loan request for $70,000 submitted to a local bank. None of the three investors had studied accounting. The two lists prepared were as follows: Company resources Cash Service supplies inventory (on hand) Service trucks (four, practically new) Personal residences of organizers (three houses) Service equipment used in the business (practically new) Bills due from customers (for services already completed) Total Company obligations Unpaid wages to employees Unpaid taxes Owed to suppliers Owed on service trucks and equipment (to a finance company) Loan from organizer Total $16,500 7,400 108,600 140,000 21,000 18,500 $ 312,000 $ 15,000 8,500 19,000 39,500 15,000 $ 97,000 25 Required: 1. Which of these items do not belong on the balance sheet? (Bear in mind that the company is considered to be separate from the owners.) Owed to suppliers Unpaid taxes Cash Bills due from customers Service supplies inventory Loan from organizer Owed on service trucks and equipment Personal residences of organizers Service trucks Service equipment used in the business < Prev 4 5 of 8 Next > Required information [The following information applies to the questions displayed below.] On January 1 of the current year, three individuals organized Northwest Company as a corporation. Each individual invested $10,000 cash in the business. On December 31 of the current year, they prepared a list of resources owned (assets) and debts owed (liabilities) to support a company loan request for $70,000 submitted to a local bank. None of the three investors had studied accounting. The two lists prepared were as follows: Company resources Cash Service supplies inventory (on hand) Service trucks (four, practically new) Personal residences of organizers (three houses) Service equipment used in the business (practically new) Bills due from customers (for services already completed) Total Company obligations Unpaid wages to employees Unpaid taxes Owed to suppliers Owed on service trucks and equipment (to a finance company) Loan from organizer Total $16,500 7,400 108,600 140,000 21,000 18,500 $ 312,000 $ 15,000 8,500 19,000 39,500 15,000 $ 97,000 4. Calculate the amount of stockholders' equity. Stockholders' equity