Johnson & Johnson is preparing its financial statements for 2023. The following transactions and financial data are available:

Transactions (in $ millions)	Amount
Cash Sales	1,800
Credit Sales	900

Requirements:

• Prepare Johnson & Johnson's income statement for 2023, focusing on revenue and expenses.
• Calculate and interpret the current ratio and quick ratio.
• Discuss the accounting treatment of goodwill and intangible assets.
• Analyze the impact of changes in fair value of derivative financial instruments.
• Prepare a statement of cash flows using the direct method for Johnson & Johnson.