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Adaptive Solutions Online Ye ar 6 Ye ar 7 Ye ar 8 Ye ar 5 Ye ar 4 Ye ar 3 Sales Cost of Goods Gross Margin Ye ar 2 9-Mar-14 Ye ar 1 Eight-Year

I am having difficulty correctly using the IF function in Excel 2013. This what I need to enter:
Year 1 Income Taxes (cell B18): If Year 1 Operating Income (cell B17) is less than 0, then Year 1 Income Taxes equal 0; otherwise Year 1 Income Taxes equal 35%*Year 1 Operating Income
I don't understand the false and true logical test
Please help!

Adaptive Solutions Online Eight-Year Financial Projection for Product X 9-Mar-14 Sales 42,524,207 45,222,900 48,092,858 51,144,951 54,390,737 57,842,510 61,513,340 65,417,130 Cost of Goods 29,809,469 31,701,253 33,713,093 35,852,611 38,127,907 40,547,599 43,120,851 45,857,408 Gross Margin 12,714,738 13,521,647 14,379,765 15,292,340 16,262,830 17,294,910 18,392,489 19,559,722 Expenses Advertising 3,190,816 3,393,217 3,608,464 3,837,371 4,080,805 4,339,688 4,615,000 4,907,785 Maintenance 500,000 625,000 430,000 525,000 550,000 450,000 400,000 400,000 Rent 1,050,000 1,113,000 1,179,780 1,250,567 1,325,601 1,405,137 1,489,445 1,578,812 Salaries 5,953,389 6,331,206 6,733,000 7,160,293 7,614,703 8,097,951 8,611,868 9,158,398 Shipping 1,445,823 1,537,579 1,635,157 1,738,928 1,849,285 1,966,645 2,091,454 2,224,182 Supplies 467,766 497,452 529,021 562,594 598,298 636,268 676,647 719,588 Koons Web Services 75,000 80,250 85,868 91,878 98,310 105,191 112,555 120,434 Total Expenses 12,682,794 13,577,704 14,201,291 15,166,632 16,117,002 17,000,881 17,996,968 19,109,199 Opertating Income 31,944 Income Tax Net Income Assumptions Units sold in Prior Year 242,847 Unit Cost $122.75 Annual Sales Growth 3.50% Annual Price Increase 2.75% Margin 29.90% Y e a r 1 Y e a r 2 Y e a r 3 Y e a r 4 Y e a r 5 Y e a r 6 Y e a r 7 Y e a r 8
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Lab 3-1 Adaptive Solutions.xlsx

Adaptive Solutions Online
Ye
ar
6 Ye
ar
7 Ye
ar 8 Ye
ar 5 Ye
ar 4 Ye
ar
3 Sales
Cost of Goods
Gross Margin Ye
ar
2 9-Mar-14 Ye
ar 1 Eight-Year Financial Projection for Product X
42,524,207...

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