cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2021, its fiscal year end. All accounts have normal balances.

Accounts payable		$21,700		Income tax expense		$17,000
Accounts receivable		40,000		Insurance expense		6,600
Accumulated depreciationequipment		24,500		Interest expense		3,000
Cash		55,000		Notes payable		48,000
Cash dividendscommon		40,000		Preferred shares		54,000
Cash dividendspreferred		4,500		Prepaid expenses		6,300
Common shares		75,000		Rent expense		36,000
Consulting revenue		422,000		Retained earnings		45,600
Depreciation expense		13,000		Salaries expense		241,000
Dividends payable		16,000		Salaries payable		2,200
Equipment		220,000		Supplies expense		26,600

There are 1,500 preferred and 75,000 common shares issued.

Prepare the statement of retained earnings. (List items that increase retained earnings first.)

MONTY ARCHITECTS LTD. Statement of Retained Earnings March 31, 2021Quarter Ended March 31, 2021Year Ended March 31, 2021
Preferred Share DividendsProfit/(Loss)Retained Earnings, March 31InvestmentsRetained Earnings, April 1Operating ExpensesGross Profit / (Loss)Other ExpensesCommon Share DividendsProfit From OperationsProfit Before Income Tax		$
AddLess: Other ExpensesRetained Earnings, April 1Operating ExpensesPreferred Share DividendsCommon Share DividendsProfit Before Income TaxProfit From OperationsRetained Earnings, March 31InvestmentsGross Profit / (Loss)Profit/(Loss)
AddLess:
	$
Other ExpensesRetained Earnings, April 1Profit/(Loss)Profit Before Income TaxRetained Earnings, March 31Preferred Share DividendsOperating ExpensesGross Profit / (Loss)Profit From OperationsInvestmentsCommon Share Dividends		$

List of Accounts

Prepare the shareholders equity section of the balance sheet.

MONTY ARCHITECTS LTD. Balance Sheet (Partial) Quarter Ended March 31, 2021March 31, 2021Year Ended March 31, 2021
Total Liabilities and Shareholder's EquityTotal Share CapitalShare CapitalProperty, Plant and EquipmentTotal Property, Plant and EquipmentCurrent LiabilitiesCurrent AssetsTotal Current AssetsTotal LiabilitiesTotal Intangible AssetsLong-Term InvestmentsShareholders' EquityIntangible AssetsTotal AssetsTotal Current LiabilitiesTotal Shareholders' EquityShort-Term InvestmentsLong-Term Debt
Long-Term DebtTotal AssetsCurrent AssetsTotal Shareholders' EquityIntangible AssetsCurrent LiabilitiesTotal LiabilitiesTotal Current AssetsTotal Current LiabilitiesTotal Property, Plant and EquipmentTotal Intangible AssetsTotal Liabilities and Shareholder's EquityShareholders' EquityLong-Term InvestmentsProperty, Plant and EquipmentShare CapitalShort-Term InvestmentsTotal Share Capital
		$
Intangible AssetsTotal AssetsLong-Term InvestmentsTotal LiabilitiesLong-Term DebtTotal Liabilities and Shareholder's EquityCurrent AssetsCurrent LiabilitiesShareholders' EquityTotal Current AssetsTotal Share CapitalTotal Current LiabilitiesTotal Property, Plant and EquipmentShare CapitalTotal Intangible AssetsProperty, Plant and EquipmentShort-Term InvestmentsTotal Shareholders' Equity
Total Share CapitalShort-Term InvestmentsTotal Property, Plant and EquipmentShareholders' EquityTotal Current LiabilitiesTotal AssetsTotal LiabilitiesLong-Term DebtTotal Liabilities and Shareholder's EquityTotal Current AssetsIntangible AssetsTotal Intangible AssetsLong-Term InvestmentsTotal Shareholders' EquityCurrent AssetsProperty, Plant and EquipmentCurrent LiabilitiesShare Capital

List of Accounts

Calculate return on equity. Note: No shares were issued during the year. (Round answer to 2 decimal places, e.g. 52.75.)

Return on equity

%