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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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