Exercise 5-9 (Part Level Submission)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 $ 450 Research and development expense $ 110Depreciation expense 80 Income tax expense 224Sales revenue 5,785 Loss on disposal of plant assets 50Interest expense 165 Cost of goods sold 3,315Advertising expense 535 Rent expense 110Sales returns and allowances 260 Utilities expense 50Assume a tax rate of 34%. (a)Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.)

The multiple-step income statement is the statements that segregates the operating revenues and…

Answered: Exercise 5-9 (Part Level Submission)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exercise 5-9 (Part Level Submission)

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	$ 450	Research and development expense	$ 110
Depreciation expense	80	Income tax expense	224
Sales revenue	5,785	Loss on disposal of plant assets	50
Interest expense	165	Cost of goods sold	3,315
Advertising expense	535	Rent expense	110
Sales returns and allowances	260	Utilities expense	50

Assume a tax rate of 34%.

(a)

Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.)

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