The management of Zigby Manufacturing prepared the following balance sheet for March 31.1 ZIGBY MANUFACTURING Balance Sheet March 31 PAa 0 Cash Accounts receivable Raw materials inventory Assets $ 40,000 344,400 98,500 Finished goods inventory 325,540 Equipment Less: Accumulated depreciation $ 600,000 150.000 Total assets 450,000 $1,258.440 Liabilities and Equity Liabilities Accounts payable $201,000 Loan payable 12,000 Long-term note payable 500,000 $713,000 Equity Common stock 335,000 Retained earnings 210,440 545,440 Total abiities and equity $1,258,440