1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vovangra [49]
3 years ago
5

Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (doll

ars in millions). Salaries and wages expenses $ 460 Research and development expense $ 114 Depreciation expense 90 Income tax expense 736 Sales revenue 7,630 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 3,700 Advertising expense 499 Rent expense 105 Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. Prepare a multiple-step income statement.
Business
1 answer:
Bumek [7]3 years ago
5 0

Answer:

                               Clorox Company

Income statement for the year ended June 30, 2022

Sales revenue (7,630 - 230)                                 7,400

Less Cost of goods sold                                      (3,700)

Gross Profit                                                            3,700

<u>Operating Expenses</u>

Salaries and wages expenses              460

Research and development expense   114

Advertising expense                              499

Rent expense                                         105

Utilities expense                                      60         (1,238)

Operating Income                                                 2,462

<u>Non Operating Expenses</u>

Loss on disposal of plant assets            46

Interest expense                                     161

Income tax expense                              736          (943)

Net Income                                                             1,519

Explanation:

A multiple - step Income statement shows a separately : the Income generated from the Company`s Primary Activities known as <em>Operating Income</em> whilst all other income or expenses arising from Secondary Activities are categorized as <em>Non Operating Activities</em>.

You might be interested in
A delivery of packaged frozen vegetables should be rejected if
pav-90 [236]
If the temperature of chilled food deliveries is less than or equal to +5°C and frozen food is not greater than –18°C. Food which is delivered at the wrong temperature must be rejected, i hope this helped!
7 0
3 years ago
Suppose selected comparative statement data for the giant bookseller Barnes &amp; Noble are presented here. All balance sheet da
grandymaker [24]

Answer:

Profit margin = net profit / total sales = $78 / $5,200 = 1.5%  

Asset turnover = total sales / average total assets = $5,200 / ($2,990 + $3,510) = 1.6

Return on assets = net income / average total assets = $78 / $3,250 = 2.4%  

Return on common stockholders’ equity =  net income / average stockholders' equity = $78 / ($992 + $1,031) = 7.71%  

Gross profit rate = gross profit / total sales = $1,716 / $5,200 = 33%

3 0
3 years ago
North america is about 80% urbanized. this mean that about 75% of north american
777dan777 [17]
<span>North america is about 80% urbanized. this mean that about 75% of north american people live in cities. also the population is very less compared to the land area. May be people would prefer to live in urban areas rather living in rural or forest areas. this condition is helpful in preserving forest and natural resources. the only problem is the quality of living in urban areas will be poor compared to rural areas.</span>
8 0
3 years ago
How are you avalon23413?
Orlov [11]

Answer:

im great

Explanation:

8 0
2 years ago
Read 2 more answers
Joe is one of the lead accountants for his company. Last month he was pressured to prepare the financial reports more quickly th
Minchanka [31]

Answer:

Explained.

Explanation:

Joe being the lead accountant for his company so, he prepares the financial reports.

Joe made mistakes in financial report making his  manager angry  because the resources at the Joe's company are limited and financial report that are timely and reliable would have helped the company to attract some financial investment.

6 0
3 years ago
Other questions:
  • Which option do you choose to prevent a slide from displaying during a presentation?
    13·1 answer
  • _____________, which can be approximated by the growth of gross domestic product, ultimately determines the prevailing standard
    6·1 answer
  • A friend asks you to invest $500 at 5 percent interest in her business. you want to invest but are concerned because your friend
    9·2 answers
  • A study finds that during​ blizzards, online sales are highly associated with the number of snow plows on the​ road; the more​ p
    8·1 answer
  • Which of the following statements is CORRECT?
    11·1 answer
  • Consider Paul's decision to go to college. If he goes to college, he will spend $90,000 on tuition, $15,000 on room and board, a
    15·1 answer
  • Explain 10 reasons why a joint stock company is preferable to a one man's business<br>​
    13·1 answer
  • Waterway Industries signed a three-month, zero-interest-bearing note on November 1, 2020 for the purchase of $499900 of inventor
    13·1 answer
  • Relationship between technology and technical profession with example
    13·1 answer
  • Betz Company's sales budget shows the following projections for next year: Sales in units First Quarter. 60,000 Second Quarter.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!