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Compute the percent of net sales

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Reference no: EM132885802

Question - Assessing Research and Development Expenses Abbott Laboratories reports the following income statement, in partial form ($ millions):

Year ended December 31 2014

Net sales $23,024

Cost of products sold 10,663

Amortization of intangible assets 643

Research and development* 1,570

Selling, general and administrative 6,843

Total operating cost and expenses 19,719

Operating earnings $3,305

* including acquired in-process and collaborations R&D

Required -

a. Compute the percent of net sales that Abbott Laboratories spends on research and development (R&D).

b. Using the financial statement effects template, describe how the accounting for R&D expenditures affects Abbott Laboratories' balance sheet and income statement.

Reference no: EM132885802

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