Answer:-
The multiple step income statement are as follows :-
THE CLOROX COMPANY Income statement For the year ended June 30,2022 (amount in millions) |
||
Sales | ||
Sales revenue | $6,230 | |
Less :- Sales returns and allowance |
$230 | |
Net sales | $6,000 | |
Cost of Goods sold | $3,000 | |
Gross profit (Net sales - Cost of goods sold) | $3,000 | |
Less: - Operating Expenses | ||
Salaries and wages expenses | $460 | |
Depreciation expense | $90 | |
Advertising expense | $499 | |
Research and development expense | $114 | |
Rent expense | $105 | |
Utilities expense | $60 | |
Total Operating Expense |
$1,328 | |
Income from Operation ( Gross profit - Total operating expense) | $1,672 | |
Less :- Other Expense and losses | ||
Interest expense | $161 | |
Loss on disposal of plants assets | $46 | |
Total other expense and losses | $207 | |
Income before taxes ( Income from Operation - Total other expense and losses) | $1,465 | |
Less :- Income tax expenses | $498 | |
Income after taxes (Income before taxes - Income tax expenses) | $967 |
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