> > $ & Textbook and Media Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement $ . $ Prepare a classified balance sheet (List current assets in order of liquidity) WOLFORD DEPARTMENT STORE Balance Sheet Assets s Liabilities and Stockholders' Equity s > > >> Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, eg. 15.2%) Profit margin % Gross profit rate % e Textbook and Media List of Accounts 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 $47,723 and expenses by $69,148. Compute the expected new net income. Then, compute the revised profit margin and gross profit rate. (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%) %