Excel, please explain the formulas used in excel.

Red ID: Student Name: REMBRANT PAINT COMPANY Income Statement For the year ended December 31, 2021 ($ in thousands, except per share amounts) $ Gross profit Operating expense REMBRANDT PAINT COMPANY $ Operating Income Other income (expense) Income statement items, year ended 12/31/2021 ($ in thousands): Sales revenue Interest revenue Interest expense Cost of goods sold Advertising expense Salaries expense Depreciation expense Dividend income Restructuring costs Loss on selling equipment Loss from operations on plastics business Gain on disposal of the assets of plastics business Shares of common stock outstanding in 2021 Income tax rate 18000 100 300 10500 700 1200 600 200 800 200 1600 2000 500000 0.25 Income before income taxes Income tax expense Net Income Earnings per share $ Net income $