Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported...

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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 Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $440 88 5,504 153 479 284 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense Utilities expense $107 269 45 3,000 100 56 Assume the marketing department has presented a plan to increase advertising expenses by $320 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. Assume a tax rate of 20%. (Hint: Increase both sales revenue and sales returns and allowances by 25%) Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.) 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 Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $440 88 5,504 153 479 284 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense Utilities expense $107 269 45 3,000 100 56 Assume the marketing department has presented a plan to increase advertising expenses by $320 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. Assume a tax rate of 20%. (Hint: Increase both sales revenue and sales returns and allowances by 25%) Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.)

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