Forecast income statement for Tortuga based on assumptions provided. For Capex Tortuga is buying 200 in new assets and depreciating 60. (show excel/sheets formulas)

Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Operating profit Interest income (expense) Earnings before tax Tax Net income Dividends Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Operating profit Interest income (expense) Earnings before tax Tax Net income Dividends Income Statements 2018 Income Statements 2019 $10,000 7,200 2,800 1,200 1,600 77 1,523 381 1,142 286 $10,000 7,200 ******** 2,800 1,200 1,600 1,523 1,142 2020 $11,300 8,927 2,373 1,243 1,130 72 1,058 265 794 198 2019 $11,300 8,927 ******* 2,373 1,243 1,130 1,058 2021 265 1,232 308 924 231 794 198 $12,995 10,396 2,599 1,300 1,300 68 2022 $12,995 10,396 2,599 1,300 1,300 68 $15,204 ********** 11,859 3,345 1,672 2020 1,672 1,608 1,206 1,232 308 924 231 Forecast 2023E 5 points 2021 $15,204 11,859 3,345 1,672 1,672 64 1,608 402 1,206 302 Comments 15% increase 79% of sales 12% of sales 8% interest on all 25% tax rate 25% dividend rate