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Current Attempt in Progress Ivanhoe Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30,2025 , these accounts appeared in its adjusted trial balance. Prepare a retained earnings statement. (List items that increase retained earnings first.) Profit margin Gross profit rate eTextbook and Media Liabilities and Stockholders' Equity Current Listilitie: Accounts Payable Solares and Wages Payolle s Total Cument Lubisties Lone Term Lisblities Notes Payale Total tiabuities. Stochhoiders Equity Commonstock Retained Earninice Total Stockholden' Equity Total Lubilities and Stockholders Eovity Prepare a multiple-step income statement: (List other revenues before other openses) The vice president of marketing and the director of human resources have developed a proposal whereby the company would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $33,015 and expenses by $45,085. Compute the expected new net income. (Hint: You do not need to prepare an income statement.) Then, compute the revised profit margin and gross profit rate. Revised net income Revised profit margin (Round to 1 decimal ploce, es. 15.2\%) Revised gross profit rate (Round to 1 decimal place, eg. 15.2\%) Prepare a classified balance sheet. (List current assets in order of liquidityd) Additional data: Notes payable are due in 2029