Example 7.2 Using the data given in Table 7.2, construct the balance sheet of Advanced Technologies and determine the owners' equities at the end of the current fiscal year. TABLE 7.2 Records of Financial Entries of Advanced Technologies No. Items 1 Accounts payable 2 Accounts receivable 3 Advertising expense 4 Administrative expense 5 Building (net) 6 Cash 7 Cost of goods sold 8 Depreciation expense-building 9 Depreciation expense-equipment 10 Equipment (net) 11 Inventory 12 Insurance expense 13 Interest expense 14 Land 15 Long-term loans outstanding 16 Miscellaneous expense 17 R&D 18 Salaries payable 19 Sales revenue 20 Supplies expense 21 Taxes expense 22 Taxes payable 23 Utilities expense Thousands of dollars 3,740 7,550 3,340 5,500 36,300 6,320 31,000 960 1,310 14,640 11,000 840 2,100 2,100 42,000 1,480 5,200 170 60,300 1,820 2,630 610 2,070