The trial balance and transaction descriptions below are for Coachman Company:

Summary transactions for February:
(a)Collected $100 on open account
(b)Purchased $130 inventory for $20 cash and the remainder on open account.
(c)Bought new equipment costing $200 for $50 cash,with the remainder due on a mortgage payable.
(d)Paid $85 on open account.
(e)Recorded depreciation expense of $35.
(f)Sold goods costing $90 for $30 cash and $120 on open account.
What is Coachman's total equity at the end of February?

Question

The trial balance and transaction descriptions below are for Coachman Company:
  
Summary transactions for February:
(a)Collected $100 on open account
(b)Purchased $130 inventory for $20 cash and the remainder on open account.
(c)Bought new equipment costing $200 for $50 cash,with the remainder due on a mortgage payable.
(d)Paid $85 on open account.
(e)Recorded depreciation expense of $35.
(f)Sold goods costing $90 for $30 cash and $120 on open account.
What is Coachman's total equity at the end of February?

Quizplus · Accepted Answer

The Answer of The trial balance and transaction descriptions below are for Coachman Company:
  
Summary transactions for February:
(a)Collected $100 on open account
(b)Purchased $130 inventory for $20 cash and the remainder on open account.
(c)Bought new equipment costing $200 for $50 cash,with the remainder due on a mortgage payable.
(d)Paid $85 on open account.
(e)Recorded depreciation expense of $35.
(f)Sold goods costing $90 for $30 cash and $120 on open account.
What is Coachman's total equity at the end of February?

The Trial Balance and Transaction Descriptions Below Are for Coachman