Problem 20-4B Manufacturing: Preparation of a complete master budget P1 P2 P3 The management of Nabar Manufacturing prepared the following balance sheet for June 30. NABAR MANUFACTURING Balance Sheet June 30 Assets Cash Accounts receivable Raw materials inventory Fished goods inventory $40,000 248,920 35,000 241.080 Equipment $720,000 Less Accumulated depreciation 240,000 480,000 Total assets $1,045,000 Liabilities and Equity Liabilities Accounts payable $ 51,400 Income taxes payable 10,000 Loan payable 24,000 Long-term note payable 300,000 $385,400 Equity Common stock 600,000 59,600 659,600 Retained earnings Total liabilities and equity $1,045,000