southern New Hampsfreuniversity Peyton Approved Budgeted Balance Sheet 30 Jun-15 ASSETS $42,000 Cash 259,900 Accounts receivable 35,650 Raw materials inventory 241.080 Finished goods inventory 578,630 Total current assets $720,000 Equipment 480,000 240,000 Less accumulated depreciation Total assets LIABILITIES AND EQUITY $63,400 Accounts payable 24,000 Short-term notes payable 10,000 Taxes payable 97,400 Total current liabilities 300,000 Long-term note payable 397,400 Total liabilities $600,000 Common stock 61.230 Retained earnings 661230 Total stockholders' equity