Chapter 14 Assignment: GRADED 6 Saved Exercise 14.15 (Static) Ratio Analysis for Feature Company (LO14-6, LO14-7) 10 Johnson & Johnson's 2020 financial statements include the following items (all dollars in millions): points 2020 2019 Balance sheet $ $ Current assets 51,237 eBook 45,274 Current 42,493 35,964 liabilities Total assets 174,894 157,728 Print Income statement $ $ Sales n References 82,584 82,059 Gross profit 54,157 54,503 Net income 14,714 16,119 Required: Compute the following ratios and comment on the trend you can observe from the limited two years of data you have available: a. Compute the Gross profit rate. Note: Round your percentage answers to 1 decimal place. i.e. 0.1234 as 12.3%. b. Compute the net income as a percentage of sales. Note: Round your percentage answers to 1 decimal place. i.e. 0.1234 as 12.3%. c. Compute the current ratio. Note: Round your answers to 2 decimal places. a. Gross profit rate b. Net income as a percentage of sales c. Current ratio 2020 2019 Trend % % % % to 1 to 1