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Question - 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
430
Sales revenue
5,830
Loss on disposal of plant assets
46
Interest expense
161
Cost of goods sold
2,800
Advertising expense
499
Rent expense
105
Sales returns and allowances
230
Utilities expense
60
Assume a tax rate of 34%.
A- Prepare a multiple-step income statement.
B- Calculate the gross profit rate and the profit margin.
C1- 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 30%. (Hint: Increase both sales revenue and sales returns and allowances by 30%.) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement.
C2- Calculate the gross profit rate and the profit margin.
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Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
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