earnings will decrease ving are the simplified financial sta and Johnson, please use them to ar ons. All amounts are in millions. s sold ing and administrative expenses development expense 2019 82,059 27,556 54,503 22,178 12,245 2,486 266 $ 17,328 2,209 15,119 me before taxes pense 2019 The following are the simplified financial statements for Johnson and Johnson, please use them to answer the next 12 questions. All amounts are in millions. Sales Cost of products sold Gross Profit Selling, marketing and administrative expenses Research and development expense Other expense Restructuring Operating Income before taxes Income Tax Expense Net Income 2019 82,059 27.556 54,503 22,178 12,245 2,486 266 $ 17,328 2,209 15,119 2019 2018 Assets Current assets Cash and cash equivalents (Notes 1 and 2) Marketable securities (Notes 1 and 2) Accounts receivable less allowances $226 (2018, $248) Inventories (Notes 1 and 3) Prepaid expenses and other receivables Total current assets Property, plant and equipment, net (Notes 1 and 4) Intangible assets, net (Notes 1 and 5) Goodwill (Notes 1 and 5) Other assets Total assets Liabilities and Shareholders' Equity Current liabilities Loans and notes payable (Note 7) 17,305 18,107 1,982 1,580 14,481 14,098 9,020 8,599 2,486 3,649 45,274 46,033 17,658 17,035 47,643 47,611 33,639 30,453 13,514 11,822 157,728 152,954 1,202 2,796 $ 17,305 18,107 1,982 1,580 14,481 14,098 9,020 8,599 2,486 3,649 45,274 46,033 17.658 17,035 47,643 47.611 33,639 30,453 13,514 11,822 157,728 152,954 $ Cash and cash equivalents (Notes 1 and 2) Marketable securities (Notes 1 and 2) Accounts receivable less allowances $226 (2018, $248) Inventories (Notes 1 and 3) Prepaid expenses and other receivables Total current assets Property, plant and equipment, net (Notes 1 and 4) Intangible assets, net (Notes 1 and 5) Goodwill (Notes 1 and 5) Other assets Total assets Llabilities and Shareholders' Equity Current liabilities Loans and notes payable (Note 7) Accounts payable Accrued liabilities Accrued rebates, returns and promotions Accrued compensation and employee related obligations Accrued taxes on income (Note 8) Total current liabilities Long-term debt (Note 7) Employee related obligations (Notes 9 and 10) Long-term taxes payable (Note 8) Other liabilities Total liabilities Commitments and Contingencles (Note 21) Shareholders' equity Capital Stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 1,202 2,796 8,544 7,537 9,715 7,601 10,883 9,380 3,354 3,098 2,266 818 35,964 31,230 26,494 27,684 10,663 9.951 13,402 15,748 11,734 8,589 98,257 93,202 3,120 3,120 56,351 56,632 59,471 59,752 157,728 152,954 Question 34 (1 point) To examine Johnson and Johnson's liquidity, the calculation of the current ratio for 2019 would be closest to (round to one decimal place): estlan 25