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 $44,000 500,000 90,200 444,000 Total current assets Equipment, gross Accumulated depreciation 1,078,200 608,000 (154,000) Equipment, net 454,000 Total assets $1,532,200 Liabilities and Equity Accounts payable Short-term notes payable 211,300 16,000 Total current liabilities Long-term note payable $ 227,300 505,000 Total liabilities Common stock Retained earnings 732,300 339,000 460,900 Total stockholders' equity 799,900 Total liabilities and equity $1,532,200