Question

Presented below are selected accounts for Arigato LLC for August 31 of the current year.

	Debit	Credit
Cash in Bank—operating	69
Cash Dividends Declared	266
Installment Receivables	80
Interest Receivable	55
Inventory Supplies	39
Land	320
Merchandise Inventory	45
Notes Receivable—long term	545
Operating Expenses	2,228
Other Assets	80
Petty Cash	28
Prepaid Expenses—current	52
Accounts Payable—trade		645
Accumulated Depreciation		245
Additional Paid-in Capital		623
Allowance for Uncollectible Accounts		75
Bonds Payable		80
Common Stock—$1 par value		56
Income Tax Payable		155
Notes payable—2 years		928
Retained Earnings - Beginning		89
Service Revenue		806
Unearned Revenues		105
TOTALS	$3,807	$3,807

What is total stockholders' equity for Arigato LLC at August 31? $  Blank 1. Fill in the blank, read surrounding text.

Use “-“ sign for negative amount, as needed. Use commas, as needed.

Answer 1

Answer: -920

Calculations:

Retained earnings, Beginning		89
Less: Net loss [ 806 Rev. - 2,228 Exp.]	-1,422
Cash Dividends	-266	-1,688
Retained earnings, Ending		-1,599

.

Stockholders' equity
Paid-in Capital:
Common stock	56
Additional paid-In capital	623
Total paid in capital	679
Retained earnings [89 + 806 revenue - 266 cash dividends]	-1,599
Total stockholders' equity	-920