Students are to replicate table 12-1 in our textbook and show their formulas in excel sheet (press the Ctrl button simultenuously grave accent which is usually the key right below the Esc key and the same as the ~ key)

TABLE 12-1 Donna's Gift Shop, Fiscal 2016 Profit-and-Loss Statement $330,000 $180,000 $150,000 Net sales Cost of goods sold Gross profit Operating expenses Salaries Advertising Supplies Shipping Insurance Maintenance Other Total Other costs Total costs Net profit before taxes Taxes Net profit after taxes $ 75,000 4,950 1,650 1,500 4,500 5,100 2,550 $ 95,250 $ 20,000 $115,250 $ 34,750 $ 15,500 $ 19,250 Gross profit was $150,000, calculated by subtracting the cost of goods sold from net sales. This went for operating and other expenses, taxes, and profit. Operating expenses totaled $95,250, including salaries, advertising, supplies, shipping, insur- ance, maintenance, and other expenses. Unassigned costs were $20,000. Net profit before taxes was $34,750, computed by deducting total costs from gross profit. The tax bill was $15,500, leaving a net profit after taxes of $19,250. Overall, fiscal 2016 was pretty good for Donna; her personal salary was $43,000 and the store's after-tax profit was $19,250. A further analysis of Donna's Gift Shop's profit-and-loss statement appears in the budgeting section of this chapter. TABLE 12-1 Donna's Gift Shop, Fiscal 2016 Profit-and-Loss Statement $330,000 $180,000 $150,000 Net sales Cost of goods sold Gross profit Operating expenses Salaries Advertising Supplies Shipping Insurance Maintenance Other Total Other costs Total costs Net profit before taxes Taxes Net profit after taxes $ 75,000 4,950 1,650 1,500 4,500 5,100 2,550 $ 95,250 $ 20,000 $115,250 $ 34,750 $ 15,500 $ 19,250 Gross profit was $150,000, calculated by subtracting the cost of goods sold from net sales. This went for operating and other expenses, taxes, and profit. Operating expenses totaled $95,250, including salaries, advertising, supplies, shipping, insur- ance, maintenance, and other expenses. Unassigned costs were $20,000. Net profit before taxes was $34,750, computed by deducting total costs from gross profit. The tax bill was $15,500, leaving a net profit after taxes of $19,250. Overall, fiscal 2016 was pretty good for Donna; her personal salary was $43,000 and the store's after-tax profit was $19,250. A further analysis of Donna's Gift Shop's profit-and-loss statement appears in the budgeting section of this chapter