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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 | $ 400 | Research and development expense | $ 105 | |||
Depreciation expense | 85 | Income tax expense | 459 | |||
Sales revenue | 5,670 | Loss on disposal of plant assets | 45 | |||
Interest expense | 165 | Cost of goods sold | 2,730 | |||
Advertising expense | 415 | Rent expense | 100 | |||
Sales returns and allowances | 210 | Utilities expense | 65 |
Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.)
THE CLOROX COMPANY Income Statement (amounts in millions)Step by Step Solution
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