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JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1) 2020 Sales to customers 82,584 Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development (Note 5) 28,427 54,157 22,084 12,159 181 Interest incomc (111) Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 20) Earnings before provision for taxes on income Provision for taxes on income (Note 8) Net earnings 201 2,899 247 16,497 1,783 14,714 Net earnings per share (Notes I and 15) Basic 5.59 Diluted 5.51 Average shares outstanding (Notes 1 and 15) Basic 2,632.8 Diluted 2,670.7

JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1) 2020 Sales to customers 82,584 Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development (Note 5) 28,427 54,157 22,084 12,159 181 Interest incomc (111) Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 20) Earnings before provision for taxes on income Provision for taxes on income (Note 8) Net earnings 201 2,899 247 16,497 1,783 14,714 Net earnings per share (Notes I and 15) Basic 5.59 Diluted 5.51 Average shares outstanding (Notes 1 and 15) Basic 2,632.8 Diluted 2,670.7

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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Section 2: The Income Statement Section 2a: The Single Step Income Statement Company Single Step Income Statement FYE 01/03/71 In millions (or thousands) Revenue (Including Gains, Non-Controlling Interests, and Other Increases in Net Income) $ Total Revenue Expenses (Including Losses Non-Controlling Interests and Other Decreases in Net Income) Total Expenses Net Income The net income amount matches the net income amount on the company's current income statement. YES or NO %24
Transcribed Image Text:Section 2: The Income Statement Section 2a: The Single Step Income Statement Company Single Step Income Statement FYE 01/03/71 In millions (or thousands) Revenue (Including Gains, Non-Controlling Interests, and Other Increases in Net Income) $ Total Revenue Expenses (Including Losses Non-Controlling Interests and Other Decreases in Net Income) Total Expenses Net Income The net income amount matches the net income amount on the company's current income statement. YES or NO %24
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1) 2020 Sales to customers 82,584 Cost of products sold Gross profit Selling, marketing and administrative expenses Rescarch and development expense In-process research and development (Note 5) 28,427 54,157 22,084 12,159 181 Interest income (111) Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 20) Earnings before provision for taxes on income Provision for taxes on income (Note 8) 201 2,899 247 16,497 1,783 Net earnings 14,714 Net earnings per share (Notes I and 15) Basic 5.59 Diluted 5.51 Average shares outstanding (Notes 1 and 15) Basic 2,632.8 2,670.7 Diluted
Transcribed Image Text:JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1) 2020 Sales to customers 82,584 Cost of products sold Gross profit Selling, marketing and administrative expenses Rescarch and development expense In-process research and development (Note 5) 28,427 54,157 22,084 12,159 181 Interest income (111) Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 20) Earnings before provision for taxes on income Provision for taxes on income (Note 8) 201 2,899 247 16,497 1,783 Net earnings 14,714 Net earnings per share (Notes I and 15) Basic 5.59 Diluted 5.51 Average shares outstanding (Notes 1 and 15) Basic 2,632.8 2,670.7 Diluted
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