The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 311 Assets) Liabilities and Equity Cash $ 59,000 Liabilities: Accounts receivable 455,000 Accounts payable $ 215,400 Raw materials inventory 93,000 Loan payable 31,000 Finished goods inventory 433,000 Long-term note payable 500,000 $746,400 Equipment $ 638,000 Equity Less: Accumulated depreciation. 169,000 469,000 Common stock 354,000 Retained earnings 408,600 762,600 Total assets $ 1,509,000 Total liabilities and equity $ 1,509,000