Johnson & Johnson’s 2020 financial statements include the following items (all dollars in millions):

Compute the following ratios and comment on the trend you can observe from the limited two years of data you have available:

a. Gross profit rate.

b. Net income as a percent of sales.

c. Current ratio.

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Balance sheet Current assets Current liabilities. Total assets... Income statement Sales ..... Gross profit. Net income.. 2020 $ 51,237 42,493 174,894 $82,584 54,157 14,714 2019 $ 45,274 35,964 157,728 $82,059 54,503 16,119