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