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On January 1 of the current year, three individuals organized Northwest Company as a corporation. Each individual invested $ 1 1 , 0 0 0
On January of the current year, three individuals organized Northwest Company as a corporation. Each individual invested $ cash in the business. On December of the current year, they prepared a list of resources owned assets and debts owed liabilities to support a company loan request for $ 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 $
calculate the amount of stockholder's equity
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