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 $2,768 $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 23,492 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 $99,674 $106,685 Current liabilities Short-term borrowings $885 $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 7,057 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 Total liabilities 47,611 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 $99,674 $106,685 Use the following assumptions to forecast the company's balance sheet for FY2017. Use the following assumptions to forecast the company's balance sheet for FY2017. Forecasted FY2017 net income $4,839 million Forecasted FY2017 net sales $34,079 million Accounts receivable 19.396 of net sales Inventories 12.096 of net sales Tax assets 2.496 of net sales Prepaid expenses and other current assets 4.396 of net sales Long-term tax assets 4.896 of net sales Other assets 5.496 of net sales Accounts payable 5.996 of net sales Accrued compensation 5.996 of net sales Accrued income taxes 2.096 of net sales Other accrued expenses 7.696 of net sales Long-term accrued income taxes 10.196 of net sales Long-term deferred tax liabilities 12.996 of net sales Other long-term liabilities 6.696 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 3.696 of net sales Depreciation expense 18.9% of prior year PPE, net Amortization expense in FY2016 $1,931 million Current maturities of debt due in FY2017 $885 million Current maturities of debt due in FY2018 $6,176 million Dividend payout ratio 60.596 Round your answers to the nearest whole number. Do not use negative signs with any of your answers. Medtronic plc Forecasted Consolidated Balance Sheet ($ millions) EST. 2017 Current assets Cash and cash equivalents $ 16,179 X Investments 9,758 Accounts receivable 6,577 Inventories 4,089 Tax assets 818 Prepaid expenses and other current assets 1,465 Total current assets 29,129 X Property, plant, and equipment, net 5,153 Goodwill 41,500 Other intangible assets, net 24,968 Long-term tax assets 1,636 Other assets 1,840 Total assets $ 104,226 x Current liabilities Short-term borrowings $ 6,176 Accounts payable 2,011 Accrued compensation 2,011 Accrued income taxes 682 Other accrued expenses 2,590 Total current liabilities 13,470 Long-term debt 24,071 Long-term accrued compensation 1,759 Long-term accrued income taxes 3,442 Long-term deferred tax liabilities 4,396 Other long-term liabilities 2,249 Total liabilities 50,251 x Shareholders' equity Ordinary shares Retained earnings 55,842 Accumulated other comprehensive (loss) 1,868 Total shareholders' equity 53,974 Total liabilities and shareholders' equity $ 104,226 X 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 $2,768 $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 23,492 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 $99,674 $106,685 Current liabilities Short-term borrowings $885 $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 7,057 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 Total liabilities 47,611 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 $99,674 $106,685 Use the following assumptions to forecast the company's balance sheet for FY2017. Use the following assumptions to forecast the company's balance sheet for FY2017. Forecasted FY2017 net income $4,839 million Forecasted FY2017 net sales $34,079 million Accounts receivable 19.396 of net sales Inventories 12.096 of net sales Tax assets 2.496 of net sales Prepaid expenses and other current assets 4.396 of net sales Long-term tax assets 4.896 of net sales Other assets 5.496 of net sales Accounts payable 5.996 of net sales Accrued compensation 5.996 of net sales Accrued income taxes 2.096 of net sales Other accrued expenses 7.696 of net sales Long-term accrued income taxes 10.196 of net sales Long-term deferred tax liabilities 12.996 of net sales Other long-term liabilities 6.696 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 3.696 of net sales Depreciation expense 18.9% of prior year PPE, net Amortization expense in FY2016 $1,931 million Current maturities of debt due in FY2017 $885 million Current maturities of debt due in FY2018 $6,176 million Dividend payout ratio 60.596 Round your answers to the nearest whole number. Do not use negative signs with any of your answers. Medtronic plc Forecasted Consolidated Balance Sheet ($ millions) EST. 2017 Current assets Cash and cash equivalents $ 16,179 X Investments 9,758 Accounts receivable 6,577 Inventories 4,089 Tax assets 818 Prepaid expenses and other current assets 1,465 Total current assets 29,129 X Property, plant, and equipment, net 5,153 Goodwill 41,500 Other intangible assets, net 24,968 Long-term tax assets 1,636 Other assets 1,840 Total assets $ 104,226 x Current liabilities Short-term borrowings $ 6,176 Accounts payable 2,011 Accrued compensation 2,011 Accrued income taxes 682 Other accrued expenses 2,590 Total current liabilities 13,470 Long-term debt 24,071 Long-term accrued compensation 1,759 Long-term accrued income taxes 3,442 Long-term deferred tax liabilities 4,396 Other long-term liabilities 2,249 Total liabilities 50,251 x Shareholders' equity Ordinary shares Retained earnings 55,842 Accumulated other comprehensive (loss) 1,868 Total shareholders' equity 53,974 Total liabilities and shareholders' equity $ 104,226 X