Selected financial information appearing in the SEC Form 10-K for Johnson & Johnson is reported below (dollars in millions).
2012
Sales ............. $ 67,224
Net income ......... 10,853
Total assets ......... 121,347
Total shareholders’ equity ... 64,826
REQUIRED:
Assume that company management expects sales growth of 8 percent during 2013, and during 2013 expects stable relationships between net income and sales, sales and total assets, and debt/equity. Prepare a projected income statement and balance sheet for 2013.