The management of Zigby Manufacturing prepared the following balance sheet for March 31. 21GBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash Accounts receivable Raw materials Inventory Finished goods inventory Equipment $ 69,000 Liabilities 390,000 Accounts payable 86,000 Loan payable 348,480 Long-tere note payable $ 614,000 Equity Less: Accumulated depreciation 157,000 457,000 Common stock Retained earnings Total assets $1,351,080 Total liabilities and equity. To prepare a master budget for April, May, and June, management gathers the following information. $178,700 19,000 500,000 $697,700 342,000 311,380 653,380 $1,351,000