Question

Exercise 1-06 al-a2 (Part Level Submission) Suppose the following information was taken from the 2022 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.) Retained earmings, January 1, 2022 $49,600.0 9,300.0 Cost of goods sold Selling and administrative expenses 8,200.0 Dividends 3,400.0 Sales revenue 44,000.0 Research and development expense 6,300.0 Income tax expense 2,700.0

Answer 1

А с u Awn $ 44,000 в 1 Merck and Co. Income Statement for the year ended December 31, 2022 (in millions) 5 Revenue 6 Sales revenue 7 Less: Expenses 8 Cost of goods sold $ 9,300 9 Research and development expense $ 6,300 10 Selling and administrative expense $ 8,200 11 Income tax expense $ 2,700 12 Total Expenses 13 Net Operating Income 14 $ 26,500 $ 17,500

A Bc Merck and Co. Merck and Co. Income Statement for the year ended December 31, 2022 (in millions) 5 Revenue 6 Sales revenue 44000 7 Less: Expenses 8 Cost of goods sold 9300 9 Research and development expense 6300 10 Selling and administrative expense 8200 11 Income tax expense 2700 12 Total Expenses =SUM(B8:B11) 13 Net Operating Income =C6-C12 14

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