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Exercise 5-9
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
Depreciation expense
$ 500
80
Sales revenue
5,610
Research and development expense
Income tax expense
Loss on disposal of plant assets
$ 120
225
40
Interest expense
165
Cost of goods sold
3,207
Advertising expense
435
Rent expense
90
Sales returns and allowances
265
Utilities expense
45
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)
$
:
$
$
$
Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g.
15.2%.)
Gross profit rate
%
Profit margin
%
Assume the marketing department has presented a plan to increase advertising expenses by $311
million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%.
Prepare a multiple-step income statement. (Round answers to 0 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
%
…
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