Abbott Laboratories reports the following (summary) income statement. a. Compute the percent of net sales that Abbott

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Abbott Laboratories reports the following (summary) income statement.image text in transcribed

a. Compute the percent of net sales that Abbott Laboratories spends on research and development (R\&D). Compare this level of expenditure with the percentages for other companies that are discussed in the Business Insight box. How would you assess the appropriateness of its \(R \& D\) expense level?

b. Describe how accounting for R\&D expenditures affects Abbott Laboratories' balance sheet and income statement.

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