i need help with income tax and net income

8 9 How: Create a proforma (What if Income Statement in which: 10 1. 11 a. the user only has to enter a value for Sales in cell D3. b. then the spreadsheet will calculate all other expenses and Net Income. Net Income will appear in cell D18. 12 13 2. Enter $300k, $400k, $500k, $600k for Sales Values in cell D3. Then record the Net Income results in cells D21 - D24. 14 15 Assume: 16 1. Variable Costs (change when sales increase) are: 17 a. Cost of Sales, 30% of Sales 18 b. Labor, 22% of Sales 19 c. Misc Operating costs, 12% of sales 20 2 Fixed Costs are: 21 a. Salaries, $38,000 22 b. Office Expense, $18,000 23 C. Depreciaton Expense, $24,000 24 d. Utilities Expense, $6,500 25 e. Property Tax, $4,500 26 3. 27 Assume Income Tax is 30% of Income before taxes. 28 Cor Home Insert Page Layout Formats Data Review View Help X ft 159000 D B F G E 300,000