Beauty Company Limited
Adjusted Trial Balance
31 March 2021
	Debit	Credit
	$	$
Cash	15,330
Fees receivable	35,300
Prepaid rent	1,200
Unexpired insurance policies	375
Office supplies	900
Office equipment	15,000
Dividends	800
Accumulated depreciation: office equipment		12,000
Accounts payable		1,400
Notes payable (due on 1 March 2022)		6,000
Income tax payable		3,200
Unearned agency fees		8,000
Share capital		20,000
Retained earnings		???
Agency fees earned		46,500
Depreciation expense: office equipment	2,750
Rent expense	6,100
Insurance expense	1,175
Office supplies expense	1,130
Salaries expense	24,640
Income taxes expense	3,200

Required:

With reference to the information provided in the Adjusted Trial Balance of Beauty,

1. prepare the Statement of Financial Position

2. perform the necessary year-end closing entries.