Assets Cash ZIGBY MANUFACTURING Balance Sheet March 31 $ 40,000 Liabilities and Equity Liabilities Accounts receivable Raw materials inventory 344,400 Accounts payable $ 201,000 98,500 Loan payable Finished goods inventory 325,540 Long-term note payable Equipment $ 600,000 Equity Less: Accumulated depreciation 150,000 Total assets Common stock Retained earnings $ 1,258,440 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. 450,000 12,000 500,000 335,000 210,440 $ 713,000 545,440 $ 1,258,440