Question 2 of 6 0.93/5 Prepare a multiple-step income statement. (Round answers to decimal places, eg. 15,222.) The Clorox Company Income Statement For the Year Ended June 30, 2022 (amounts in millions) Sales ales Revenue 230 Less : Sales Returns and Allowances Net Sales 460 Salaries and Wages Expense 499 Advertising Expense Research and Development Expense 105 Rent Expense 90 i Depreciation Expense Question 2 of 6 0.93/5 Salaries and Wages Expense 460 Advertising Expense 499 Research and Development Expense 114 Rent Expense 105 Depreciation Expense 90 Utilities Expense 60 1328 Total Operating Expenses ncome From Operations Other Expenses and Losses Interest Expense 161 Loss on Disposal of Plant Assets 46 207 1265 ncome Before Income Taxes 430 come Tax Expense 83 Net Income /(Loss) MacBook Air Question 2 of 6 0.93/5 E Utilities Expense 60 Total Operating Expenses 1328 Income From Operations Other Expenses and Losses Interest Expense 161 i Loss on Disposal of Plant Assets 46 207 Income Before Income Taxes Income Tax Expense Net Income /(Loss) e Textbook and Media List of Accounts Save for Later Last saved 47 minutes ago Attempts: 1 of 15 used Submit Answer (b) uestion 2 of 6 0.93/5 (b) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%) Gross profit rate % Profit margin % e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (c1) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. (Round answers to decimal places, eg. 15,222.) Question 2 of 6 0.93/5 E (c1) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. (Round answers to decimal places, eg. 15,222.) The Clorox Company Income Statement (amounts in millions) $ rk Question 2 of 6 0.93/5 $ > $ I C Question 2 of 6 0.93/5