Question: Selected financial information appearing in the SEC Form 10-K for Johnson & Johnson is reported below (dollars in millions). ________________________________2008 Sales $63,747 Net income 12,949

Selected financial information appearing in the SEC Form 10-K for Johnson & Johnson is reported below (dollars in millions).

________________________________2008

Sales $63,747

Net income 12,949

Total assets 84,912

Total shareholders’ equity 42,511

REQUIRED:

Assume that company management expects sales growth of 8 percent during 2009, and during 2009 expects stable relationships between net income and sales, sales and total assets, and debt/equity. Prepare a projected income statement and balance sheet for 2009.

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