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Are my calculations in the spreadsheet correct? INSTRUCTIONS: 1). Complete the budget projections for years 2021-2024 using the following information Revenue increases 4% annually 4%

Are my calculations in the spreadsheet correct?

INSTRUCTIONS:
1). Complete the budget projections for years 2021-2024 using the following information
Revenue increases 4% annually 4%
Expense increases 2% annually 2.75%
For Depreciation and Interest expenses assume the Acutal 2020 figure as the base for the budget and and forecast then add the amount calculated in the Payback tab for both budget and forecast. (Payback tab Depreciation=$23.89/year. Interest (Yrs 1-6) $9.03, $8.09, $7.11, $6.07, $4.98, $3,83
2). Answer the question below the forecast.
Largo Global Income Statement of December 31, 2020 (millions)
ACTUAL BUDGET FORECAST
2020 2021 2022 2023 2024
Sales (net sales) $2,013 $2,094 $2,177 $2,264 $2,355
Cost of goods sold 1400 1439 1478 1519 1560
Gross profit 613 655 699 746 794
Selling, general, and administrative expenses 125 128 132 136 139
Earnings before Interest, taxes, depreciation, and amortization (EBITDA) 488 527 567 610 655
Depreciation and amortization 174 198 199 194 193
Earning before interest and taxes (EBIT) Operating income (loss) 314 329 368 416 462
Interest expense 141 184 184 184 184
Earnings before taxes (EBT) 173 145 184 232 278
Taxes (34%) 59 60 62 64 66
Net earnings (loss)/Net Income $ 114 84 122 168 213

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