ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment $ 69,000 Liabilities 390,000 Accounts payable 86,000 Loan payable 348,480 Long-term note payable $178.700 19,000 500,000 $ 607,700 $ 614,000 Equity Less: Accumulated depreciation 157,000 457,000 Common stock 342,000 Retained earnings 311,380 Total assets $1,351,080 Total liabilities and equity 653,380 $3,351,000