Required Information P1-4 (Algo) Evaluating Data to Support a Loan Application LO1-1 [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 $71,000 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 $ 15,000 7,600 96,900 150,000 28,000 21,500 $319,000 $ 17,000 7,500 13,000 Owed on service trucks and equipment (to a finance company) Loan from organizer 40,500 16,000 Total $ 94,000 P1-4 Part 1 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.) Service trucks Service equipment used in the business O Unpaid wages to employees Owed on service trucks and equipment Cash Bills due from customers O Unpaid taxes O Owed to suppliers O Loan from organizer Service supplies Inventory Personal residences of organizers