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Refer to the 10-K for Johnson & Johnson. Required: 1. What does the company report for the following items for the most current fiscal
Refer to the 10-K for Johnson & Johnson. Required: 1. What does the company report for the following items for the most current fiscal year? Enter your answer in millions. a. Total assets b. Total liabilities 2. Assume that the company projects the following: Assets are expected to decrease by 3%. Liabilities are projected to increase by 6%. Provide the next year's forecasted balances for total assets and total liabilities. Round your answer to the nearest million and use the same in subsequent calculations. a. Total assets b. Total liabilities 3. Answer the following: a. Compute Shareholders' Equity for the next fiscal year based on the projections for assets and liabilities. million b. What accounting assumption supports the use of a fiscal year? c. Where does the company discuss its revenue recognition policy? d. Who is the company's auditor? e. What characteristic of useful information is most associated with the audit report?
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