Proforma Income Statement for the years 2016, 2017, and 2018
Description	Explanation		2015	2016	2017	2018
Annual Sales Growth				8.0%	9.0%	10.0%
Annual Increase in Cost of Goods Sold				7.0%	6.0%	5.0%
Owner's Salary as a % of Income Before Taxes		15.00%
Employee Hourly Wage		$12.00
Number of Hourly Wage Employees		17
Number of Hours per Year		2000
Sales Revenue in $			4000000
Cost of Goods Sold in $			3000000
Gross Profit	Sales Revenue Cost of Goods Sold
Operating Expenses
Sales & Marketing	as a % of Sales Revenue	5.50%
General & Administrative	as a % Sales Revenue	8.75%
Depreciation	Constant each year	$20,000
Manager's Salary	Constant each year	$55,000
Asst Manager's Salary	Constant each year	$40,000
Wages of All Hourly Employees	Constant each year
Total Operating Expenses
Income Before Taxes	Gross Profit Total Operating Expenses
Owner's Salary	Only if Income Before Taxes > 0
Taxable Income	Income Before Taxes - Owner's Salary
First complete the spreadsheet for the year 2015. Use the information in Column B and the variables given in Column C to calculate the values for the corresponding cells in Column D
Second, complete the spreadsheet for the years 2016, 2017, and 2018.