JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS At January 3, 2021 and December 29, 2019 (Dollars in Millions Except Share and Per Share Amounts) (Note 1) Assets Current assets Cash and cash equivalents (Notes 1 and 2) Marketable securities (Notes 1 and 2) Accounts receivable trade, less allowances for doubtful accounts $293 (2019, $226) Inventories (Notes 1 and 3) Prepaid expenses and other receivables Assets held for sale (Note 18) Total current assets Property, plant and equipment, net (Notes 1 and 4) Intangible assets, net (Notes 1 and 5) Goodwill (Notes 1 and 5) Deferred taxes on income (Note 8) Other assets Total assets Liabilities 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) Deferred taxes on income (Note 8) Employee related obligations (Notes 9 and 10) Long-term taxes payable (Note 1) Other liabilities. Total liabilities Commitments and Contingencies (Note 19) Shareholders' equity Preferred stock-without par value (authorized and unissued 2,000,000 shares) Common stock-par value $1.00 per share (Note 12) (authorized 4,320,000,000 shares; issued 3,119,843,000 shares) Accumulated other comprehensive income (loss) (Note 13) Retained earnings Less: common stock held in treasury, at cost (Note 12) (487,331,000 shares and 487,336,000 shares) Total shareholders' equity Total liabilities and shareholders' equity See Notes to Consolidated Financial Statements 2020 13,985 11,200 13,576 9,344 3,132 51,237 18,766 53,402 36,393 8,534 6,562 174,894 2,631 9,505 13,968 11,513 3,484 1,392 42,493 32,635 7,214 10,771 6,559 11,944 111,616 3,120 (15,242) 113,890 101,768 38,490 63,278 174,894 2019 17,305 1,982 14,481 9,020 2,392 94 45,274 17,658 47,643 33,639 7,819 5,695 157,728 1,202 8,544 9,715 10,883 3,354 2,266 35,964 26,494 5,958 10,663 7,444 11,734 98,257 3,120 (15,891) 110,659 97,888 38,417 59,471 157,728 39 2 points Save Answer At the most recent balance sheet date, how much inventory did Johnson and Johnson have on hand (in millions)? a. $28,427 O b. $9,344 c. $37,771 O d. $9,020 Save Answer Johnson and Johnson's cost of inventory sold during the recent reporting period was (in millions): a. $28,427 Ob. $9,344 OC. $37,771 Od. $9,020 Assuming rising prices, Johnson and Johnson's inventory method results in more net income than if average cost was used. True False Save Answer Calculate Johnson and Johnson's inventory turnover ratio (Cost of products sold / Inventories) for the last two balance sheet dates. Round to two decimal places (5.6728= 5.67). Johnson and Johnson sold inventory: a. at a slightly quicker rate in the most recent reporting than in the prior reporting period. Ob. at a slightly slower rate in the most recent reporting than in the prior reporting period. O c. at the same rate in the most recent reporting as in the prior reporting period. O d. cannot be determined. JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1). 2020 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development (Note 5) Interest income 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 Net earnings per share (Notes 1 and 15) Basic Diluted Average shares outstanding (Notes 1 and 15) Basic Diluted Son Notes to Consolidated Financial Statements 82,584 28,427 54,157 22,084 12,159 181 (111) 201 2,899 247 16,497 1,783 14,714 5.59 5.51 2,632.8 2,670.7 2019 82,059 27,556 54,503 22,178 11,355 890 (357) 318 2,525 266 17,328 2,209 15,119 5.72 5.63 2,645.1 2,684.3 2018 81,581 27,091 54,490 22,540 10,775 1,126 (611) 1,005 1,405 251 17,999 2,702 15,297 5.70 5.61 2,681.5 2,728.7 Balance, December 31, 2017 Cumulative adjustment) Net earnings Cash dividends paid ($3.54 per share) Employee compensation and stock option plans Repurchase of common stock Other Other comprehensive income (loss), net of tax Balance, December 30, 2018 Net earnings Cash dividends paid ($3.75 per share) Employee compensation and stock option plans Repurchase of common stock Other Other comprehensive income (loss), net of tax Balance, December 29, 2019 Net earnings Cash dividends paid ($3.98 per share) Employee compensation and stock option plans Repurchase of common stock Other Other comprehensive income (loss), net of tax Balance, January 3, 2021 JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (Dollars in Millions) (Note 1) - S S Total 60,160 (486) 15,297 (9,494) 1,949 (5,868) (15) (1.791) 59,752 15,119 (9,917) 1,933 (6,746) (1) (669) 59,471 14,714 (10,481) 2,217 (3,221) (71) 649 63,278 Retained Earnings 101,793 (254) 15,297 (9,494) (1,111) (15) 106,216 15,119 (9,917) (758) (1) 110,659 14,714 (10,481) (931) (71) 113,890 Accumulated Other Comprehensive Income (Loss) (13,199) (232) (1,791) (15,222) (669) 649 (15,242) Common Stock Issued Amount 3,120 See Note 1 to Consolidated Financial Statements for additional details on the effect of cumulative adjustments to retained earnings. Consolidated Financial Statements 3,120 3,120 3,120 Treasury Stock Amount (31,554) 3,060 (5,868) (34,362) 2,691 (6,746) (38,417) 3,148 (3,221) (38,490) Question 15 of 20 A Moving to another question will save this response. 2 points Johnson and Johnson's earned revenue from both cash and credit sales for its most recent year end was (in millions): a. $82,584. Ob. $54,157. c. $14,714. O d. $23,536. Save