The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:

The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory $80,000 487,500 93,390 438,000 Total current assets Equipment, gross Accumulated depreciation 1,098,890 640,000 (170,000) Equipment, net 470,000 Total assets $1,568,890 Liabilities and Equity Accounts payable Short-term notes payable 215,690 32,000 $ 247690 520,000 Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings 767,690 355,000 446,200 Total stockholders' equity 801,200 Total liabilities and equity $1,568,890