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Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses   $ 460   Research and development expense   $ 114 Depreciation expense   90   Income tax expense   1,008 Sales revenue   9,230   Loss on disposal of plant assets   46 Interest expense   161   Cost of goods sold   4,500 Advertising expense   499   Rent expense   105 Sales returns and allowances   230   Utilities expense   60 Assume a tax rate of 34%. Gross profit rate enter percentages rounded to 1 decimal place% Profit margin enter percentages rounded to 1 decimal place%

Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses   $ 460   Research and development expense   $ 114 Depreciation expense   90   Income tax expense   1,008 Sales revenue   9,230   Loss on disposal of plant assets   46 Interest expense   161   Cost of goods sold   4,500 Advertising expense   499   Rent expense   105 Sales returns and allowances   230   Utilities expense   60 Assume a tax rate of 34%. Gross profit rate enter percentages rounded to 1 decimal place% Profit margin enter percentages rounded to 1 decimal place%

FINANCIAL ACCOUNTING
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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Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions).

Salaries and wages expenses
   $ 460  
Research and development expense
   $ 114
Depreciation expense
   90  
Income tax expense
   1,008
Sales revenue
   9,230  
Loss on disposal of plant assets
   46
Interest expense
   161  
Cost of goods sold
   4,500
Advertising expense
   499  
Rent expense
   105
Sales returns and allowances
   230  
Utilities expense
   60


Assume a tax rate of 34%.

Gross profit rate

enter percentages rounded to 1 decimal place%

Profit margin

enter percentages rounded to 1 decimal place%

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