Needed income statement, retained earnings statement, and Balance sheet

Problem 5-04A Crane 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, 2022, these accounts appeared in its adjusted trial balance. ... Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment sch Cash Common Stock Cost of Goods Sold Freight-Out Fun Equipment coreciation Expense didende Dividends Gain on Disposal of Plant Assets Toc Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense $ 16,000 10,300 40,800 4,800 21.000 21,000 OCE 200 365,700 3,700 OF CON 95,600 100 8,100 7,200 100 1,200 6,000 20 5,400 anon 3,000 15200 15,700 26100 26,100 3,600 100 20,100 2014 20,400 . 8,500 71,300 542,400 3,600 12,400 6,300 Additional data: Notes payable are due in 2026. Prepare a multiple-step income statement. (List other revenues before other expenses.) CRANE DEPARTMENT STORE Income Statement Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%) Profit margin % Gross profit rate % SHOW LIST OF ACCOUNTS LINK TO TEXT 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 $24,645 and expenses by $33,655. 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. Comment on the effect that this plan would have on net income and on the ratios, and evaluate the merit of this proposal. (Ignore income tax effects.) Revised net income $ Revised profit margin (Round to 1 decimal place, e.g. 15.2%) % Revised gross profit rate (Round to 1 decimal place, e.g. 15.2%) % Click if you would like to Show Work for this question: Open Show Work