Also please include gross profit rate and profit margin for second income statement thank you X Your answer is incorrect.Calculate the gross profitrate and the profit margin. (Round answers to 1 decimal place, eg. 15.2%)Gross profit rateProfit margine Textbook and MedlaList of AccountsX Your answer is incorrect.Assume the maristing department has presenteda plan to incrsase advertising expenses by $340 million. It oxpscts this plan toresult in an increase in bath net sales and cost of goods sold of 25%. (Hint: Increase bath sales ravenue and sales returns andallowances by 25%) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 346, and round allamounts to vwhole dollars.)Prepare a multiple-step income statement. (Round answers to 0 decimal places, es. 15,222.)The Clorox CompanyIncome Statement(amounts in millions) 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$460Research and development expense$114Depreciation expense90Income tax oxpense276Salas revenue5,730Loss on disposal of plant assets46Interest expense161Cost of goods sold3,104Advertising sxpense499Rent expense105Sales returns and allowances280Utilities expense60Assume a tax rats of 34%.Your answer is partially correct.Prepare a multiple-step income statemant. (Round answers to O decimal places, eg. 15,222.)The Clorox CompanyIncome StatementFor the Month Ended June 30. 2022(amounts in millions)anue6230Sales Returns and Allowances2306000da Sold30003000Expensesnd Wages Expense460fon Expense90Expense499and Development Expense114 Iinse105Ixpense60rating Expenses1328m Operationa1627nses and Lossesxpense161sposal of Plant Assets46207'ore income TexeS1465Expense498/ (Losa)967

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Suppose in its income stat The Corox Company reportad the foloving condensed data (dollars in millions). Salaries and wagesepensas $460 Rasearch and development epense $114 Depreciation erpensa 90 Income tax epanse 276 Sales revenua 5,730 Lass on disposal of plant assets 46 Interest erpense 161 Cost of goods sold 3.104 Advertising epense 499 Rent erpense 105 Sales returns and allovances 280 Uslities erpense 60 Assume a taxrate of 34%. Your answer is partially correct Prepare a muitiplestep income statemant. (Round answers to O decimal places,es 15222) The Clorox Company Income Statement For the Month Ended June 20. 2022 (amounts in millions) anue 6230 Salea Raturna and Alloanc 230 6000 ds Sold 3000 3000 Expenses aWages Expense Son Expense Expene 499I and Development Expense 114 105 I nse xpense rating Expenses 1328 mOperationa 1627 anaes and Losses xpense 161 I sposal of Plant Assets ore income Taxs 1465 Expense 498 /Los 967

Suppose in its income stat The Corox Company reportad the foloving condensed data (dollars in millions). Salaries and wagesepensas $460 Rasearch and development epense $114 Depreciation erpensa 90 Income tax epanse 276 Sales revenua 5,730 Lass on disposal of plant assets 46 Interest erpense 161 Cost of goods sold 3.104 Advertising epense 499 Rent erpense 105 Sales returns and allovances 280 Uslities erpense 60 Assume a taxrate of 34%. Your answer is partially correct Prepare a muitiplestep income statemant. (Round answers to O decimal places,es 15222) The Clorox Company Income Statement For the Month Ended June 20. 2022 (amounts in millions) anue 6230 Salea Raturna and Alloanc 230 6000 ds Sold 3000 3000 Expenses aWages Expense Son Expense Expene 499I and Development Expense 114 105 I nse xpense rating Expenses 1328 mOperationa 1627 anaes and Losses xpense 161 I sposal of Plant Assets ore income Taxs 1465 Expense 498 /Los 967

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%
Suppose in its income statement for the year ended June 30, 2025, 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 Assume a tax rate of 34%. (a) $ 300 60 3,420 120 300 161 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense Utilities expense The Clorox Company Income Statement (amounts in millions) $60 $ 200 30 1,710 Prepare a multiple-step income statement. (Round answers to 0 decimal places, eg. 15,222) 60 30 $
n its income statement for the year ended December 31, 2022, Bramble Corp. reported the following condensed data. Please prepare a multistep income statement and a comprehensive income statement Operating expenses $ 721,000 Interest revenue $ 34,000 Cost of goods sold 1,258,000 Loss on disposal of plant assets 19,000 Interest expense 71,000 Net sales 2,201,000 Income tax expense 47,000 Other comprehensive income (net of $1,200 tax) 8,500
Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…
In its income statement for the year ended December 31, 2025, Pharoah Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense 4 $716.000 1,251,000 66,000 40,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $28,000 12,000 2,350,000 154.000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) PHAROAH INC. Income Statement
In its income statement for the year ended December 31, 2022, Bramble Corp. reported the following condensed data.Prepare a comprehensive income statement. Operating expenses $ 721,000 Interest revenue $ 34,000 Cost of goods sold 1,258,000 Loss on disposal of plant assets 19,000 Interest expense 71,000 Net sales 2,201,000 Income tax expense 47,000 Other comprehensive income (net of $1,200 tax) 8,500
In its income statement for the year ended December 31, 2022, Larkspur, Inc. reported the following condensed data. Operating expenses - $717,000 Cost of goods sold - 1,253,000 Interest expense - 68,000 Income tax expense - 42,000 Interest revenue - $31,000 Loss on disposal of plant assets - 14,000 Net sales - 2,197,000 Other comprehensive income (net of $1,200 tax) - 8,000 Prepare a comprehensive income statement:
In its income statement for the year ended December 31, 2025, Crane Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $711,000 1,247,000 61,000 38,000 Interest revenue Loss on disposal of plant assets Sales revenue Sales discounts $ 24,000 8,000 2,333,000 164,000 Prepare a multiple-step income statement. (List Other revenue and gains before Other expenses and losses.) CRANE INC. Income Statement For the Year Ended December 31, 2025
Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. CRANE LTD. Income Statement Year Ended September 30, 2021 3. 4. 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.
In its income statement for the year ended December 31, 2022, Metlock, Inc. reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) $709,000 1,250,000 73,000 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive income $32,000 19,000 2,187,000 8,500 Prepare a multiple-step income statement. (List other revenues before other expenses) Metlock, Inc. Income Statement
In its income statement for the year ended December 31, 2022, Cullumber Company reported the following condensed data. Operating expenses $ 710,000 Interest revenue $ 23,000 Cost of goods sold 1,246,000 Loss on disposal of plant assets 7,000 Interest expense 60,000 Net sales 2,190,000 Income tax expense 35,000 Other comprehensive income (net of $1,200 tax) 7,300 (a) Prepare a multiple-step income statement.
In its income statement for the year ended December 31, 2022, Wildhorse Co. reported the following condensed data. Operating expenses $ 726,000 Interest revenue $ 39,000 Cost of goods sold 1,262,000 Loss on disposal of plant assets 23,000 Interest expense 75,000 Net sales 2,205,000 Income tax expense 51,000 Other comprehensive income (net of $1,200 tax) 8,900 I have to find a Income statement as well as a Comprehensive income, statement is needed, and I am confused.