The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Assets Cash 44.000 500,000 Accounts receivable 90,200 Raw materials inventory 444,000 Finished goods inventory Total current assets 1,078,200 Equipment, gross 608,000 (154,000) Accumulated depreciation 454,000 Equipment, net 1,532,200 Total assets Liabilities and Equity 211,300 Accounts payable Short-term notes payable 16,000 Total current liabilities 227,300 505,000 Long-term note payable Total liabilities 732,300 339,000 Common stock Retained earnings 460,900 Total stockholders' equity 799,900 1,532,200 Total liabilities and equity