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Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (dollars in millions). Salaries and

Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (dollars in millions).

Salaries and wages expenses

$ 460

Research and development expense

$ 114Depreciation expense

90

Income tax expense

276Sales revenue

5,730

Loss on disposal of plant assets

46Interest expense

161

Cost of goods sold

3,104Advertising expense

499

Rent expense

105Sales returns and allowances

280

Utilities expense

60

Assume a tax rate of 34%.

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