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Johnson & Johnson Data for the year ended December 31, 2023:ItemAmountTotal Revenue$800,000,000Cost of Goods Sold$500,000,000Operating Expenses$200,000,000Income...

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Question

Accounting

Johnson & Johnson
 Data for the year ended December 31, 2023:

Item

Amount

Total Revenue

$800,000,000

Cost of Goods Sold

$500,000,000

Operating Expenses

$200,000,000

Income Tax Expense

$40,000,000

Net Income

$60,000,000

Requirements:

  1. Calculate Johnson & Johnson's gross profit margin.
  2. Determine Johnson & Johnson's operating profit margin.
  3. Analyze the impact of income tax expense on Johnson & Johnson's net income.
  4. Discuss how Johnson & Johnson recognizes revenue from pharmaceutical sales.
  5. Evaluate Johnson & Johnson's profitability using the return on assets (ROA) ratio.
  6. Explain the role of the Income Measurement Objective in Johnson & Johnson’s financial performance and reporting.

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