MGMT FFAC Ch 5: Exercises; and Review Over Entries There is a Part A and Part B to this CE-do them both as you won't be able to resubmit later! Part A. The following information is available for Entity A : Instructions 1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2024. Please look at Illus. 5.12 in the text for an example. The income tax rate is 23% %. Check figures: Income from operations is $139,700. Net income is $109,725. 2. Compute the profit margin and the gross profit rate. Show and label calculations. 3. Suggest at least three ways these measures might be materially improved and net income increased. Be sure to consider the relationship between net sales, cost-ofgoods-sold and gross profit