Preparation of a complete master budget
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March, 2015:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2015
ASSETS
Cash..........................................................
$ 40,000
Accounts
receivable................................
342,248
Raw materials
inventory..........................
Finished goods
inventory........................
98,500
325,540
Total current
assets.................................
806,288
Equipment................................................
$600,000
Less accumulated depreciation..............
150,000
450,000
Total
assets..............................................
$1,256,288
LIABILITIES AND EQUITY
Accounts
payable....................................
$
200,500
Short-term notes
payable....................................
12,000
Taxes
payable..........................................
0
Total current
liabilities.............................
212.500
Long-term note
payable..............................