Chapter 20. Homework Questions 1-8 (of 8 Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The following information applies to the questions displayed below The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Assets Cash Accounts receivable Raw materials inventory Finished goods Inventory $ 42,000 364,000 107,200 349.440 Total current assets Equipment, gross 862.640 604,000 Equipment, net 452,000 Total assets 1314,640 Liablities and Equity Accounts payable Short-term notes payable 211,300 14,000 Total current liabilities Long-term note payable $ 225,300 510.000 Tatal liabilities Common stock Retained earnings 735.300 337,000 242,340 Total stockholders' equity 579,340 Total liabilities and equity 1314,640 To prepare a master budget for April, May, and June of 2015, management gathers the following information