Following are the income statement and balance sheet for Medtronic PLC.
Medtronic PLC
Consolidated Statement of Income
$ millions, For Fiscal Year Ended	April 26, 2019
Net sales	$30,557
Costs and expenses
Cost of products sold	9,155
Research and development expense	932
Selling, general, and administrative expense	10,418
Amortization of intangible assets	1,764
Restructuring charges, net	79
Certain litigation charges, net	166
Other operating expense, net	258
Operating profit	7,785
Other nonoperating income, net	(149)
Interest expense	1,444
Income before income taxes	6,490
Income tax provision	547
Net income	5,943
Net income loss attributable to noncontrolling interests	19
Net income attributable to Medtronic	$5,924
Medtronic PLC
Consolidated Balance Sheet
$ millions	April 26, 2019
Current assets
Cash and cash equivalents	$ 4,393
Investments	5,455
Accounts receivable, net	6,222
Inventories, net	3,753
Other current assets	858
Total current assets	20,681
Property, plant, and equipment, net	4,675
Goodwill	39,959
Other intangible assets, net	20,560
Tax assets	608
Other assets	1,014
Total assets	$ 87,497
Current liabilities
Current debt obligations	$ 838
Accounts payable	1,953
Accrued compensation	2,189
Accrued income taxes	567
Other accrued expenses	2,925
Total current liabilities	8,472
Long-term debt	24,486
Accrued compensation and retirement benefits	1,651
Accrued income taxes	2,838
Deferred tax liabilities	1,278
Other liabilities	303
Total liabilities	39,028
Shareholders equity
Ordinary shares	-
Additional paid-in capital	24,789
Retained earnings	26,270
Accumulated other comprehensive loss	(2,711)
Total shareholders equity	48,348
Noncontrolling interests	121
Total equity	48,469
Total liabilities and equity	$ 87,497

Use the following assumptions to prepare a forecast of the companys income statement for fiscal year 2020.
Income statement assumptions
Net sales increase	8%	growth
Cost of products sold	30.00%	of net sales
Research and development expense	7.60%	of net sales
Selling, general, and administrative expense	34.10%	of net sales
Amortization of intangible assets	5.80%	of net sales
Restructuring charges, net	75%	of 2019 restructuring expense
Certain litigation charges, net	$150	million
Other operating expense, net		No change in $ amount
Other nonoperating income, net		No change in $ amount
Interest expense		No change in $ amount
Income tax provision	15%	of pretax income
Income attributable to noncontrolling interests		No change in $ amount

Assumptions
Investments		No change
Accounts receivable, less allowance	20.40%	of net sales
Inventories, net	12.30%	of net sales
Other current assets	7%	of net sales
Goodwill		No change
Tax assets	5%	of net sales
Other assets	3.30%	of net sales
Accounts payable	6.40%	of net sales
Accrued compensation (current liability)	7.20%	of net sales
Accrued compensation and retirement benefits (noncurrent liability)		No change
Accrued income taxes (current liability)	1.90%	of net sales
Other accrued expenses	9.60%	of net sales
Accrued income taxes (noncurrent liability)	9.30%	of net sales
Deferred tax liabilities	4.20%	of net sales
Other liabilities	2.50%	of net sales
Ordinary shares		No change
Accumulated other comprehensive loss		No change
Net income attributable to noncontrolling interest	$19	million
Dividends in FY2020	$2,853	million
CAPEX in FY2019	$1,134	$million, forecast CAPEX at historic % of net sales
Depreciation expense in FY2020	$950	million
Amortization expense in FY2020	$1,914	million
Debt due in FY2020	$838	million
Debt due in FY2021	$2,058	million

Medtronic PLC
Consolidated Balance Sheet
$ millions	2020
Current assets
Cash and cash equivalents
Investments
Accounts receivable, net
Inventories, net
Other current assets
Total current assets
Property, plant, and equipment, net
Goodwill
Other intangible assets, net
Tax assets
Other assets
Total assets
Current liabilities
Current debt obligations
Accounts payable
Accrued compensation
Accrued income taxes
Other accrued expenses
Total current liabilities
Long-term debt
Accrued compensation and retirement benefits
Accrued income taxes
Deferred tax liabilities
Other liabilities
Total liabilities
Shareholders equity
Ordinary shares
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total shareholders equity
Noncontrolling interests
Total equity
Total liabilities and equity