The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $ 43,000 432,900 86,198 387,168 949,266 606,000 (153,000 453,000 $1,402,266 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity $194, 798 15,000 209,798 500,000 709,798 338,000 354,468 692,468 $1,402,266 Total liabilities and equity To prepare a master budget for April, May, and June of 2017, management gathers the following information