Questions 5-14 (of 19) The following information applies to the questions displayed below. The...
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Accounting
Questions 5-14 (of 19) The following information applies to the questions displayed below. 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 $53,000 392,400 96,600 313,920 Total current assets Equipment, gross Accumulated depreciation 855,920 626,000 (163.000) Equipment, net 463,000 Total assets $1,318,920 Liabilities and Equity Accounts payable Short-term notes payable 204,800 25,000 Total current liabilities Long-term note payable $ 229,800 520,000 Total liabilities Common stock Retained earnings 749,800 348,000 221,120 Total stockholders' equity 569,120 Total liabilities and equity $1,318,920 To prepare a master budget for April, May, and June of 2015, management gathers the following information. a. Sales for March total 21,800 units. Forecasted sales in units are as follows: April, 21,800, May, 18.700; June, 21,000; July, 21,800. Sales of 253,000 units are forecasted for the entire year. The product's selling
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