90.2K

Verified Solution

Link Copied!

WOULD YOU LIKE TO ANSWER WITH THE SAME FORMAT PLEASE!!!!!!!!!!!!!!!!!! I NEED TO SUBMIT MY HW THIS WAY THAT'S WHY. THANK YOU.

Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). S 114 634 46 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 Research and development expense 90 Income tax expense 7,030 Loss on disposal of plant assets 161 Cost of goods sold 499 Rent expense 230 Utilities expense 3,400 105 Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to o decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Calculate the gross prorit rate and the profit margin. (Round answers to I decimal place, e.g. 15.2%) Gross profit rate Welcome, Rasel - Blackboard Learn Profit margin https://bbhosted.cuny.edu/webapps/portal/execute/tabs/tabAction?tab_tab_group 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 20%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether 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 o decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). S 114 634 46 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 Research and development expense 90 Income tax expense 7,030 Loss on disposal of plant assets 161 Cost of goods sold 499 Rent expense 230 Utilities expense 3,400 105 Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to o decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Calculate the gross prorit rate and the profit margin. (Round answers to I decimal place, e.g. 15.2%) Gross profit rate Welcome, Rasel - Blackboard Learn Profit margin https://bbhosted.cuny.edu/webapps/portal/execute/tabs/tabAction?tab_tab_group 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 20%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether 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 o decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin

Answer & Explanation Solved by verified expert

See Answer