Business, 07.06.2020 03:00 AleOfficial101

Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $460, Research and development expense $114, Depreciation expense 90, Income tax expense 532, Sales revenue 6,430, Loss on disposal of plant assets 46, Interest expense 161, Cost of goods sold 3,100, Advertising expense 499, Rent expense 105, Sales returns and allowances 230, Utilities expense 60. Assume a tax rate of 34%. A) Prepare a multi-step income statement. B) Calculate the gross profit rate and the profit margin. C) Assume the marketing department has presented a plan to increase advertising expenses by $406 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. Prepare a multiple-step income statement. D) Calculate the gross profit rate and the profit margin.

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Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the fo...