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Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets 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 $ 44,600 29,000 115,600 13,600 59,500 1,036,380 10,830 270,330 23,500 20,400 3,400 17,000 15,300 8,500 44,300 73,950 10,200 56,950 57,800 23,900 201,760 1,536,000 10,200 34,000 17,300 CRANE DEPARTMENT STORE Income Statement For the Year Ended November 30, 2022 Sales "Sales Revenue 51536000 TLess Sales Returns and Allowances (34000) Net Sales 11502000 71036380 Cost of Goods Sold Gross Profit 465620 Operating Expenses Freight-Out 10830 523500 Depreciation Expense Insurance Expense 115300 Advertising Expense 156950 Rent Expense 757800 201760 Salaries and Wages Expense TUtilities Expense 117300 Total Operating Expenses 1383440 82180 Income From Operations Other Revenues and Gains 513400 Gain on Disposal of Plant Assets Other Expenses and Losses) Interest Expense Income Before Income Taxes 718500 1177080 517000 Income Tax Expense Net Income / (Loss) $160080 CRANE DEPARTMENT STORE Retained Earnings Statement For the Year Ended November 30, 2022 Retained Earnings, December 1, 2021 $123900 Add. Net Income / (Loss) 760080) 783980 Dividends 120400 TRetained Earnings, November 30, 2022 5763580 Your answer is partially correct. Try again. CRANE DEPARTMENT STORE Balance Sheet November 30, 2022 Assets Current Assets Cash 573600 Accounts Receivable 129000 2 794300 Inventory Prepaid Insurance 10200 597100 TTotal Current Assets Property, Plant and Equipment Equipment Tess: Accumulated Depreciation-Equipment 1270330 *270330 9115600) T115600 5154730 T154730 TH Total Assets $1251830 Liabilities and Stockholders' Equity 1 Current Liabilities Accounts Payable -144600 Salaries and Wages Payable 10200 Total Current Liabilities 754800 Property, plant and Equi L Notes Payable 973950 Total Liabilities 1128750 Stockholders' Equity Common Stock 9500 763580 "Retained Earnings "Total Stockholders' Equity 7123080 Total Liabilities and Stockholders' Equity $1251830 x] Your answer is incorrect. Try again. 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 $69,843 and expenses by $95,377. 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 Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets 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 $ 44,600 29,000 115,600 13,600 59,500 1,036,380 10,830 270,330 23,500 20,400 3,400 17,000 15,300 8,500 44,300 73,950 10,200 56,950 57,800 23,900 201,760 1,536,000 10,200 34,000 17,300 CRANE DEPARTMENT STORE Income Statement For the Year Ended November 30, 2022 Sales "Sales Revenue 51536000 TLess Sales Returns and Allowances (34000) Net Sales 11502000 71036380 Cost of Goods Sold Gross Profit 465620 Operating Expenses Freight-Out 10830 523500 Depreciation Expense Insurance Expense 115300 Advertising Expense 156950 Rent Expense 757800 201760 Salaries and Wages Expense TUtilities Expense 117300 Total Operating Expenses 1383440 82180 Income From Operations Other Revenues and Gains 513400 Gain on Disposal of Plant Assets Other Expenses and Losses) Interest Expense Income Before Income Taxes 718500 1177080 517000 Income Tax Expense Net Income / (Loss) $160080 CRANE DEPARTMENT STORE Retained Earnings Statement For the Year Ended November 30, 2022 Retained Earnings, December 1, 2021 $123900 Add. Net Income / (Loss) 760080) 783980 Dividends 120400 TRetained Earnings, November 30, 2022 5763580 Your answer is partially correct. Try again. CRANE DEPARTMENT STORE Balance Sheet November 30, 2022 Assets Current Assets Cash 573600 Accounts Receivable 129000 2 794300 Inventory Prepaid Insurance 10200 597100 TTotal Current Assets Property, Plant and Equipment Equipment Tess: Accumulated Depreciation-Equipment 1270330 *270330 9115600) T115600 5154730 T154730 TH Total Assets $1251830 Liabilities and Stockholders' Equity 1 Current Liabilities Accounts Payable -144600 Salaries and Wages Payable 10200 Total Current Liabilities 754800 Property, plant and Equi L Notes Payable 973950 Total Liabilities 1128750 Stockholders' Equity Common Stock 9500 763580 "Retained Earnings "Total Stockholders' Equity 7123080 Total Liabilities and Stockholders' Equity $1251830 x] Your answer is incorrect. Try again. 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 $69,843 and expenses by $95,377. 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