Based on the memo, make an analysis of each 4 trends why amounts changed To: From: Date: Re: Johnson & Johnson financial statement analysis (Memo #1) The purpose of this memo is to analyze the sales and the net income financial performance trends for years 2020, 2021, and 2022 of Johnson & Johnson. Sales trend: Johnson & Johnson's sales increased from $82,584M in 2020 to $94,943M in 2022, an increase of $12,359M or 14.97%. Year-by-year sales were as follows: • 2020: $82,584M • 2021: $93,775M, a 13.55% Y-O-Y increase • 2022: $94,943M, an 1.25% Y-O-Y increase Gross Profit trend: Johnson & Johnson's profit increased from $54,157M in 2020 to $63,854M in 2022, an increase of $9,697M or 17.9%. Year-by-year gross profits were as follows: • 2020: $54,157M • 2021: $63,920M, an 18% Y-O-Y increase • 2022: $63,854M, a 0.001% Y-O-Y decrease Operating Income trend: Johnson & Johnson's operating income increased from $19,733M in 2020 to $23,703M in 2022, an increase of $3,970M or 20.12%. Year-by-year operating income were as follows: • 2020: $19,733M • 2021: $23,647M, a 19.83% Y-O-Y increase • 2022: $23,703M, a 0.002% Y-O-Y increase Net Income trend: Johnson & Johnson's net income increased from $14,714M in 2020 to $17,941M in 2022, an increase of $3,227M or 21.93%. Year-by-year net income were as follows: • 2020: $14,714M • 2021: $20,878M, a 41.89% Y-O-Y increase • 2022: $17,941M, a 14.07% Y-O-Y decrease