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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 $ 43,000 432,900 86,198 387,168 Total current assets Equipment, gross Accumulated depreciation 949,266 606,000 (153,000) Equipment, net 453000 Total assets $1,402,266 Liabilities and Equity Accounts payable Short-term notes payable 194,798 15,000 Total current liabilities Long-term note payable $209,798 500,000 Total liabilities Common stock Retained earnings 709,798 338,000 354,468 Total stockholders' equity 692,468 Total liabilities and equity $1,402,266