Cheyenne Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 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		$ 20,900		Income tax expense		$ 15,000
Accounts receivable		39,000		Insurance expense		6,900
Accumulated depreciationequipment		23,300		Interest expense		2,600
Cash		54,000		Notes payable		51,000
Cash dividendscommon		38,000		Preferred shares		52,500
Cash dividendspreferred		4,500		Prepaid expenses		5,900
Common shares		75,000		Rent expense		35,800
Consulting revenue		413,000		Retained earnings		57,600
Depreciation expense		13,000		Salaries expense		242,000
Dividends payable		15,000		Salaries payable		2,300
Equipment		227,000		Supplies expense		26,900

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

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Your answer is partially correct.

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

CHEYENNE ARCHITECTS LTD. Statement of Retained Earnings Year Ended March 31, 2021Quarter Ended March 31, 2021March 31, 2021
Operating ExpensesCommon Share DividendsOther ExpensesRetained Earnings, March 31InvestmentsProfit/(Loss)Preferred Share DividendsProfit Before Income TaxRetained Earnings, April 1Profit From OperationsGross Profit / (Loss)		$
AddLess: Preferred Share DividendsGross Profit / (Loss)Other ExpensesProfit/(Loss)Profit Before Income TaxProfit From OperationsRetained Earnings, April 1Retained Earnings, March 31InvestmentsOperating ExpensesCommon Share Dividends
AddLess:
	$
Profit/(Loss)InvestmentsOperating ExpensesOther ExpensesProfit Before Income TaxPreferred Share DividendsProfit From OperationsRetained Earnings, March 31Common Share DividendsRetained Earnings, April 1Gross Profit / (Loss)		$

eTextbook and Media

List of Accounts

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Your answer is partially correct.

Prepare the shareholders equity section of the balance sheet.

CHEYENNE ARCHITECTS LTD. Balance Sheet (Partial) March 31, 2021Quarter Ended March 31, 2021Year Ended March 31, 2021
Total Share CapitalShareholders' EquityTotal Property, Plant and EquipmentIntangible AssetsCurrent LiabilitiesLong-Term DebtTotal Current LiabilitiesTotal Shareholders' EquityTotal Intangible AssetsTotal Liabilities and Shareholder's EquityTotal Current AssetsLong-Term InvestmentsTotal LiabilitiesShort-Term InvestmentsProperty, Plant and EquipmentCurrent AssetsTotal AssetsShare Capital
Total Share CapitalCurrent AssetsTotal AssetsTotal Property, Plant and EquipmentShort-Term InvestmentsLong-Term DebtIntangible AssetsShareholders' EquityLong-Term InvestmentsShare CapitalTotal Intangible AssetsTotal Current AssetsCurrent LiabilitiesTotal Liabilities and Shareholder's EquityTotal Current LiabilitiesProperty, Plant and EquipmentTotal LiabilitiesTotal Shareholders' Equity
		$
Total Current LiabilitiesShort-Term InvestmentsTotal Intangible AssetsTotal Current AssetsTotal Shareholders' EquityShare CapitalTotal LiabilitiesLong-Term DebtTotal Share CapitalCurrent AssetsTotal Property, Plant and EquipmentShareholders' EquityProperty, Plant and EquipmentTotal Liabilities and Shareholder's EquityIntangible AssetsLong-Term InvestmentsTotal AssetsCurrent Liabilities
Shareholders' EquityCurrent LiabilitiesLong-Term DebtTotal Liabilities and Shareholder's EquityProperty, Plant and EquipmentShort-Term InvestmentsShare CapitalTotal AssetsTotal LiabilitiesTotal Current AssetsTotal Current LiabilitiesTotal Shareholders' EquityTotal Property, Plant and EquipmentCurrent AssetsIntangible AssetsTotal Share CapitalLong-Term InvestmentsTotal Intangible Assets

eTextbook and Media

List of Accounts

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Your answer is incorrect.

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

%

{profit / (total shareholders' equity at the beginning + end of the year /2)}

how to calculate total shareholders' equity at the beginning?