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
