A B D E Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copypaste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest 5 appearance of the data in your formulas, usually the Given Data section. 6 DATA Sales $525,000 8 Cost of goods sold 200,000 9 General and administrative expenses 62,000 10 Depreciation expenses 8,000 11 Interest expense 12,000 12 Income taxes 97,200 13 14 SOLUTION 15 Income Statement and Common-Sized Income Statement: 16 Sales 7 Cost of goods sold 18 Gross profits 19 General and administrative expenses 20 Depreciation expense 21 Total operating expense 22 Operating income (EBIT) Interest expense 24 Earnings before taxes 25 Taxes (40%) 26 Net income 27 28 Requirements: 1. Start Excel. Download and open the workbook named: Keown_Martin_Petty_Problem_3-3_Start