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 $ 65, 000 434, 850 87,505 374,640 961,995 624,000 (162,000) 462,000 $1,423,995 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 Total liabilities and equity S 199,405 24,000 223,405 520,000 743,405 347,000 333, 590 680,590 $1,423,995