Economics Homework Help

DeVry University Income Statement for the Month Ended Worksheet

 

I’m working on a finance question and need an explanation to help me learn.

Requirements: Using Microsoft Excel to create a pro-forma income statement based on the following assumptions

Sales for first month: $60000

Cost of sales = 42% of sales, all variable

Operating expenses = $10,000 fixed plus 5% of sales

Tax rate 30%

Sales increased by 5% each month