Question: Johnson & Johnson's 2012 financial statements include the following items (all dollars in millions): 2012 2011 Balance sheet Current assets $ 46,116 $54,316 24,262 Current

Johnson & Johnson's 2012 financial statements include the following items (all dollars in millions): 2012 2011 Balance sheet Current assets $ 46,116 $54,316 24,262 Current liabilities 22,811 121,347 113,644 Total assets Income statement 65,030 Sales $67,224 45,566 44,670 Gross profit Net earnings (income) 10,514 9,672 a. Compute the gross profit rate. (Round your percentage answers to 1 decimal place. i.e. 0.1234 as 12.3%.) 2012 2011 Gross profit rate % % b. Compute the net income as a percentage of sales. (Round your percentage answers to 1 decimal place. i.e. 0.1234 as 12.3%.) 2012 Net income as a percentage of sales % 2011 % c. Compute the current ratio. (Round your answers to 2 decimal places.) 2012 2011 Current ratio

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