[The following information applies to the questions displayed below.] The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:

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 $ 57,000 464,000 91,600 380,480 Total current assets Equipment, gross Accumulated depreciation 993,080 634,000 (167,000) Equipment, net 467,000 Total assets $1,460,080 Liablities and Equity Accounts payable Short-term notes payable 206,300 29,000 Total current liabilities Long-term note payable $ 235,300 520,000 Total liabilities Common stock Retained earnings 755,300 352,000 352,780 Total stockholders' equity 704,780 Total liabilities and equity $1,460,080