The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Assets Cash 48,000 438,750 Accounts receivable 87,900 Raw materials inventory 383,760 Finished goods inventory 958,410 Total current assets 616,000 Equipment, gross Accumulated depreciation 458,000 Equipment, net 1,16,410 Total assets Liabilities and Equity 187,200 Accounts payable 20,000 Short-term notes payable 207,200 Total current liabilities 508,000 Long-term note payable 715,200 Total liabilities 343,000 Common stock 358,210 Retained earnings 701,210 Total stockholders' equity 1,416,410 Total liabilities and equity