You'd need a geotechnical survey. That calculation only considers water at 62.4 lbs per cubic foot. Once you have the correct figure, you can simply enter it in cell F6 (Specific weight of water). Now thinking about your question, I should labeled this Specific Weight of Medium, and clarified what Freshwater is, Saltwater, or the need for a geotechnical survey in the comments on that cell. You use the specific weight of the medium your in, and THEN add the bouyancy factor to be more conservative (Meaning industry standard is 1.2 for 20% MORE weighted than needs to be, so it will "sink").
Hope that helps.