Please help with my last question! All others are correct, I just can't get the answer for the last one! I have attached of the other answers that are correct. Thanks in advance.

LAST QUESTION SAYS:

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.)

Question 2 4/5 View Policies Show Attempt History Current Attempt in Progress 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 Cash Common Stock Cost of Goods Sold Freight Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Experts Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Experise Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense $ 16,000 10,300 40,800 4.800 21,000 365,700 3.700 95,600 8.100 7.200 1.200 6,000 5.400 3.000 15.700 26.100 3,6CO 20.100 20.400 8,500 71.300 542.400 3.600 12.400 6.300 CRANE DEPARTMENT STORE Income Statement For the Year Ended November 30, 2022 Sales Sales Revenue $ 542.400 Less Sales Returns and Allowances 12,400 *** Net Sales 530,000 Cost of Goods Sold 365,700 Gross Profit 164300 Operating Expenses Freight-Out 3.700 i 8,100 Depreciation Expense 1 Insurance Expense 5.400 Advertising Expense 20.100 20,400 i Rent Expense Salaries and Wages Expense 71.300 6,300 Utilities Expense 135300 Total Operating Expenses 2000 Rent Expense 20,400 Salaries and Wages Expense 71,300 Utilities Expense 6,300 i Total Operating Expenses V 135300 Income From Operations 29000 Other Revenues and Gains Gain on Disposal of Plant Assets 1.200 Other Expenses and Losses Interest Expense 3,000 i Income Before Income Taxes 27200 Income Tax Expense 6,000 Net Income /(Loss) $ 21200 e Textbook and Media List of Accounts (22) Your answer is correct 2) Your answer is correct. Prepare a retained earnings statement. (List items that increase retained earnings first.) CRANE DEPARTMENT STORE Retained Earnings Statement For the Year Ended November 30, 2022 7 Retained Earnings, December 1, 2021 $ 8500 Add .. Net Income/(Loss) 21200 29700 Less : Dividends 7200 i Retained Earnings, November 30, 2022 $ 22500 e Textbook and Media List of Accounts (a3) Your answer is correct. Your answer is correct. repare a classified balance sheet. (List current assets in order of liquidity.) CRANE DEPARTMENT STORE Balance Sheet November 30, 2022 Assets Current Assets Cash 4800 Accounts Receivable 10300 Inventory 15.700 Prepaid Insurance 3,600 Total Current Assets 34400 Property, Plant and Equipment Equipment 95.600 Less : Accumulated Depreciation Equipment 40.800 54800 Total Assets $ 89200 Liabilities and Stockholders' Equity Current Liabilities DODICIAI ira price ceiling is a. Total Assets 89200 Liabilities and Stockholders' Equity Current Liabilities 7 Accounts Payable $ 16,000 Salaries and Wages Payable 3,600 Total Current Liabilities $ 19600 Long-term Liabilities Notes Payable 26,100 Total Liabilities 45700 Stockholders' Equity Common Stock 21,000 Retained Earnings 22500 Total Stockholders' Equity 43500 Total Liabilities and Stockholders' Equity 89200 e Textbook and Media List of Accounts ( b ) Your answer is correct. Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, eg. 15.2%) Profit margin 4 % Gross profit rate 31 % e Textbook and Media List of Accounts