Question 1	Using the balance sheet, give the accounting equation for The Clorox Company for the most recent fiscal year.
	Assets	=	Liabilities	+	Owners' Equity
Question 2	Interpreting reported cash amounts:
	What is the total amount of cash and cash equivalents the firm reports for 2020 and 2021?
	Cash & Cash Equivalents 2020			Cash & Cash Equivalents 2021
	How is Cash defined?
Question 3	Which is more liquid, The Clorox Companys inventory or its prepaid expenses? Briefly explain how you know this.

CONSOLIDATED BALANCE SHEETS The Clorox Company As of June 30 Dollars in millions, except per share data ASSETS Current assets Cash and cash equivalents Receivables, net Inventories, net Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Operating lease right-of-use assets Goodwill Trademarks, net Other intangible assets, net Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt Current operating lease liabilities Accounts payable and accrued liabilities Income taxes payable Total current liabilities Long-term debt Long-term operating lease liabilities Other liabilities Deferred income taxes Total liabilities Commitments and contingencies Stockholders' equity Preferred stock: $1.00 par value; 5,000,000 shares authorized; none issued or outstanding Common stock: $1.00 par value; 750,000,000 shares authorized; 130,741,461 and 158,741,461 shares issued as of June 30, 2021 and 2020, respectively; and 122,780,220 and 126,198,606 shares outstanding as of June 30, 2021 and 2020, respectively Additional paid-in capital Retained earnings Treasury stock, at cost: 7,961,241 and 32,542,855 shares as of June 30, 2021 and 2020, respectively Accumulated other comprehensive net (loss) income Total Clorox stockholders' equity Noncontrolling interests Total stockholders' equity Total liabilities and stockholders' equity S 2021 319 S 604 752 154 1,829 1,302 332 1,575 693 225 378 6,334 S 300 $ 81 1,675 2,056 2,484 301 834 67 5,742 131 1,186 1,036 (1,396) (546) 411 181 592 6,334 S 2020 871 648 454 47 2,020 1,103 291 1,577 785 109 328 6,213 64 1,329 25 1,418 2,780 278 767 62 5,305 159 1,137 3,567 (3,315) (640) 908 908 6,213 CONSOLIDATED BALANCE SHEETS The Clorox Company As of June 30 Dollars in millions, except per share data ASSETS Current assets Cash and cash equivalents Receivables, net Inventories, net Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Operating lease right-of-use assets Goodwill Trademarks, net Other intangible assets, net Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt Current operating lease liabilities Accounts payable and accrued liabilities Income taxes payable Total current liabilities Long-term debt Long-term operating lease liabilities Other liabilities Deferred income taxes Total liabilities Commitments and contingencies Stockholders' equity Preferred stock: $1.00 par value; 5,000,000 shares authorized; none issued or outstanding Common stock: $1.00 par value; 750,000,000 shares authorized; 130,741,461 and 158,741,461 shares issued as of June 30, 2021 and 2020, respectively; and 122,780,220 and 126,198,606 shares outstanding as of June 30, 2021 and 2020, respectively Additional paid-in capital Retained earnings Treasury stock, at cost: 7,961,241 and 32,542,855 shares as of June 30, 2021 and 2020, respectively Accumulated other comprehensive net (loss) income Total Clorox stockholders' equity Noncontrolling interests Total stockholders' equity Total liabilities and stockholders' equity S 2021 319 S 604 752 154 1,829 1,302 332 1,575 693 225 378 6,334 S 300 $ 81 1,675 2,056 2,484 301 834 67 5,742 131 1,186 1,036 (1,396) (546) 411 181 592 6,334 S 2020 871 648 454 47 2,020 1,103 291 1,577 785 109 328 6,213 64 1,329 25 1,418 2,780 278 767 62 5,305 159 1,137 3,567 (3,315) (640) 908 908 6,213