Cash and cash equivalents $ 16,179 X Investments 9758 Accounts receivable 7001 Inventories 4353 Tax assets 871 1560 38774 x 3926 X Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net Goodwill Other intangible assets, net Long-term tax assets Other assets 41500 24968 1741 1959 Total assets $ 116105 X $ 1105 X 2140 2140 725 2757 0 x 30247 x 1759 Current liabilities Short-term borrowings Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Total current liabilities Long-term debt Long-term accrued compensation Long-term accrued income taxes Long-term deferred tax liabilities Other long-term liabilities Total liabilities Shareholders' equity Ordinary shares Retained earnings Accumulated other comprehensive (loss) Total shareholders' equity Total liabilities and shareholders' equity 3664 4679 2394 62007 X 55966 -1,808 X 54098 $ 116105 x Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,988 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,712 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets, net 26,899 28,101 Long-term tax assets 1,383 774 Other assets 1,559 1,737 Total assets $99,894 $106,685 Current liabilities Short-term borrowings $1,105 $2,434 Accounts payable 1,709 1,610 Accrued compensation 1,712 1,611 Accrued income taxes 566 935 Deferred tax liabilities 119 Other accrued expenses 2,185 2,464 Total current liabilities 7,277 9,173 Long-term debt 30,247 33,752 Long-term accrued compensation 1,759 1,535 Long-term accrued income taxes 2,903 2,476 Long-term deferred tax liabilities 3,729 4,700 Other long-term liabilities 1,916 1,819 4,700 Long-term deferred tax liabilities 3,729 Other long-term liabilities 1,916 1,819 Total liabilities 47,831 53,455 Shareholders' equity Ordinary shares Retained earnings 53,931 54,414 Accumulated other comprehensive (loss) (1,868) (1,184) Total shareholders' equity 52,063 53,230 Total liabilities and shareholders' equity $99,894 $ 106,685 Use the following assumptions to forecast the company's balance sheet for FY2017. Forecasted FY2017 net income $5,151 million Forecasted FY2017 net sales $36,274 million Accounts receivable 19.3% of net sales Inventories 12.0% of net sales Tax assets 2.4% of net sales Prepaid expenses and other current assets 4.3% of net sales Long-term tax assets 4.8% of net sales Other assets 5.4% of net sales Accounts payable 5.9% of net sales Accrued compensation 5.9% of net sales Accrued income taxes 2.0% of net sales Other accrued expenses 7.6% of net sales Long-term accrued income taxes 10.1% of net sales Long-term deferred tax liabilities 12.9% of net sales Other long-term liabilities 6.6% of net sales Investments No change Goodwill No change Long-term accrued compensation and retirement benefits No change Ordinary shares No change Accumulated other comprehensive (loss) No change CAPEX 3.6% of net sales Depreciation expense 18.9% of prior year PPE, net Amortization expense in FY2016 $1,931 million Amortization expense in FY2016 Current maturities of debt due in FY2017 Current maturities of debt due in FY2018 Dividend payout ratio $1,931 million $1,105 million $6,176 million 60.5% Round your answers to the nearest whole number. Use a negative sign with your Accumulated other comprehensive loss answer. Medtronic plc Forecasted Consolidated Balance Sheet ($ millions) EST. 2017 Current assets Cash and cash equivalents $ 16,179 X Investments 9758 Accounts receivable 7001 Inventories 4353 Tax assets 871 Prepaid expenses and other current assets 1560 Total current assets 38774 x Property, plant, and equipment, net 3926 x Goodwill 41500 Other intangible assets, net 24968 Long-term tax assets 1741 Other assets 1959 $ 116105 x $ 1105 x 2140 Total assets Current liabilities Short-term borrowings Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Total current liabilities 2140 725 2757 OX Long-term deht 30247 x Cash and cash equivalents $ 16,179 X Investments 9758 Accounts receivable 7001 Inventories 4353 Tax assets 871 1560 38774 x 3926 X Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net Goodwill Other intangible assets, net Long-term tax assets Other assets 41500 24968 1741 1959 Total assets $ 116105 X $ 1105 X 2140 2140 725 2757 0 x 30247 x 1759 Current liabilities Short-term borrowings Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Total current liabilities Long-term debt Long-term accrued compensation Long-term accrued income taxes Long-term deferred tax liabilities Other long-term liabilities Total liabilities Shareholders' equity Ordinary shares Retained earnings Accumulated other comprehensive (loss) Total shareholders' equity Total liabilities and shareholders' equity 3664 4679 2394 62007 X 55966 -1,808 X 54098 $ 116105 x Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,988 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,712 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets, net 26,899 28,101 Long-term tax assets 1,383 774 Other assets 1,559 1,737 Total assets $99,894 $106,685 Current liabilities Short-term borrowings $1,105 $2,434 Accounts payable 1,709 1,610 Accrued compensation 1,712 1,611 Accrued income taxes 566 935 Deferred tax liabilities 119 Other accrued expenses 2,185 2,464 Total current liabilities 7,277 9,173 Long-term debt 30,247 33,752 Long-term accrued compensation 1,759 1,535 Long-term accrued income taxes 2,903 2,476 Long-term deferred tax liabilities 3,729 4,700 Other long-term liabilities 1,916 1,819 4,700 Long-term deferred tax liabilities 3,729 Other long-term liabilities 1,916 1,819 Total liabilities 47,831 53,455 Shareholders' equity Ordinary shares Retained earnings 53,931 54,414 Accumulated other comprehensive (loss) (1,868) (1,184) Total shareholders' equity 52,063 53,230 Total liabilities and shareholders' equity $99,894 $ 106,685 Use the following assumptions to forecast the company's balance sheet for FY2017. Forecasted FY2017 net income $5,151 million Forecasted FY2017 net sales $36,274 million Accounts receivable 19.3% of net sales Inventories 12.0% of net sales Tax assets 2.4% of net sales Prepaid expenses and other current assets 4.3% of net sales Long-term tax assets 4.8% of net sales Other assets 5.4% of net sales Accounts payable 5.9% of net sales Accrued compensation 5.9% of net sales Accrued income taxes 2.0% of net sales Other accrued expenses 7.6% of net sales Long-term accrued income taxes 10.1% of net sales Long-term deferred tax liabilities 12.9% of net sales Other long-term liabilities 6.6% of net sales Investments No change Goodwill No change Long-term accrued compensation and retirement benefits No change Ordinary shares No change Accumulated other comprehensive (loss) No change CAPEX 3.6% of net sales Depreciation expense 18.9% of prior year PPE, net Amortization expense in FY2016 $1,931 million Amortization expense in FY2016 Current maturities of debt due in FY2017 Current maturities of debt due in FY2018 Dividend payout ratio $1,931 million $1,105 million $6,176 million 60.5% Round your answers to the nearest whole number. Use a negative sign with your Accumulated other comprehensive loss answer. Medtronic plc Forecasted Consolidated Balance Sheet ($ millions) EST. 2017 Current assets Cash and cash equivalents $ 16,179 X Investments 9758 Accounts receivable 7001 Inventories 4353 Tax assets 871 Prepaid expenses and other current assets 1560 Total current assets 38774 x Property, plant, and equipment, net 3926 x Goodwill 41500 Other intangible assets, net 24968 Long-term tax assets 1741 Other assets 1959 $ 116105 x $ 1105 x 2140 Total assets Current liabilities Short-term borrowings Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Total current liabilities 2140 725 2757 OX Long-term deht 30247 x