Can someone please help me with this the income spread sheet is at the bottom I really need help with answering this

There are many types of budgets that organizations use. Some use zero based budgets building from the ground up while others use historical data along with current information. The latter will be used for this assignment.

Income Statement

1. Gather as much information as you can regarding the oil industry.
2. Using historical data, calculate year to year percent changes for the various budget line items. Use those trends along with current information you have obtained to develep your budget
3. Remember that a budget is an estimate so there is no right or wrong as long as the estimates are reasonable given current conditions.
4. The first part of budgeting is to develop sales (revenue) projections.
5. If Cost of Sales (Revenue) is 30-40% every year, you don't want to show it as 10% of Revenue. It's usually fairly consistent as a percentage of revenue.
6. Estimate all other line items using trends and including any assumptions you are making. Be sure to note any assumptions at the bottom of the statement.
7. Use the same tax rate as prior years.

Great Plains Enery Corporation
Income Statement
(Pro Forma Statements For the years ended 2025 - 2021)
Breakdown (all numbers in thousands)		12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Total Revenue						4,250,000	5,325,000	6,500,000	4,875,000	5,600,000
Cost of Revenue
	Direct Labor						(990,351)	(1,251,777)	(1,502,781)	(1,225,452)	(1,407,300)
	Direct Materials (includes Oil Depletion)						(2,257,061)	(2,355,279)	(2,493,524)	(2,325,185)	(2,430,875)
	Manufacturing Overhead						(247,588)	(312,944)	(375,695)	(306,363)	(351,825)
Total Cost of Revenue	0	0	0	0	0	(3,495,000)	(3,920,000)	(4,372,000)	(3,857,000)	(4,190,000)
Gross Profit	0	0	0	0	0	755,000	1,405,000	2,128,000	1,018,000	1,410,000
Operating Expense
	Sales & Administrative Compensation						742,772	560,999	729,210	557,246	573,455
	Depreciation and Amortization						325,485	323,595	329,535	320,220	325,500
	Selling General and Administrative Expenses						163,329	123,358	160,347	122,533	126,097
	Other Operating Expenses						73,155	55,252	71,819	54,882	56,479
Total Operating Expenses	0	0	0	0	0	1,304,740	1,063,204	1,290,911	1,054,882	1,081,531
Operating Income	0	0	0	0	0	(549,740)	341,796	837,089	(36,882)	328,469
Other Income / (Expense)
	Interest Income (Non Operating)						10,000	15,000	20,000	35,000	25,000
	Other Income / (Expense)						(80,250)	1,162,500	561,750	452,250	311,000
	Gain / (Loss) on Sale of Investments						(42,750)	51,750	404,250	281,250	110,000
Pretax Income / (Loss) before Interest & Taxes	0	0	0	0	0	(662,740)	1,571,046	1,823,089	731,618	774,469
	Interest Expense (Non Operating)						175,000	185,000	212,000	233,000	250,000
Pretax Income / (Loss) after Interest & before Taxes	0	0	0	0	0	(837,740)	1,386,046	1,611,089	498,618	524,469
	Tax Expense						(175,925)	291,070	338,329	104,710	110,138
Net Income / (Loss) Continuous Operations	0	0	0	0	0	(661,815)	1,094,976	1,272,761	393,908	414,330
Net Income / (Loss) Discontinuous Operations						0	0	(3,875,000)	0	0
Net Income / (Loss) from Continuing & Discontinued Operation	0	0	0	0	0	(661,815)	1,094,976	(2,602,239)	393,908	414,330