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 276 Sales revenue 5.730 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 3.104 Advertising expense 499 Rent expense 105 Sales returns and allowances 280 Utilities expense Assume a tax rate of 34%. - Your answer is partially correct. Prepare a multiple-step income statement. (Round answers to decimal places, s. 15.222) The Clorox Company Income Statement P ye here to each TOSHIBA $ Assurve 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 For the Year Ended June 30, 2022 (amounts in millions) Sales Sales Revenues Sales Returns and Allowances Net Sales Gross Profit Advertising Expen Salaries and was TOSHIBA OS 3 * $ MINUTOP - PER ENTER Rent Expense Depreciation Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes Income Tax Expense Net Income e Textbook and Media O I TOSHIBA * Your answer is incorrect. 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 Send to Gradebook Type here to search TOSHIBA