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 $54,000 354,375 100,495 333,000 Total current assets Equipment, gross Accumulated depreciation 841,870 628,000 (164,000) Equipment, net 464,000 Total assets $1,305,870 Liabilities and Equity Accounts payable Short-term notes payable 212,195 26,000 Total current liabilities Long-term note payable $ 238,195 514,000 Total liabilities Common stock Retained earnings 752,195 349,000 204,675 Total stockholders' equity 553,675 Total liabilities and equity $1,305,870