(a) Discuss why What-if analysis plays an important role in modelling process.

(b) A Projected Income of Sam Sweet is in the excel file Q3 data - Income Statement of Sam Sweet.xlsx.

Perform three what-if analyses: scenarios, data tables, and Goal Seek.

To answer this question, for each of the three analyze, please

Clearly identify the input/changing and output variables

Insert the corresponding screenshot for the result of the analysis

Briefly interpret the results

Sam Sweet Income Statement For the Years Ending Dec 31, 2019 2019 95,000 Revenue Sales revenue (Less sales returns and allowances) Service revenue Interest revenue Other revenue Total Revenues 62,000 157,000 1,000 63,000 Expenses Advertising Bad debt Commissions Cost of goods sold Depreciation Employee benefits Furniture and equipment Insurance Interest expense Maintenance and repairs Office supplies Payroll taxes 8,000 5,200 55,000 Payroll taxes Rent Research and development Salaries and wages Software Travel Utilities Web hosting and domains Other Total Expenses 132,200 Net Income Before Taxes Income tax expense 24,800 9,920 Income from Continuing Operations 14,880 Below-the-Line Items Income from discontinued operations Effect of accounting changes Extraordinary items Net Income 14,880