forecase financial statements income statement balance sheet

Following are the financial statements of CVS Health Corporation for the year ended December 31, 2016 Prepare a forecasted income statement and balance sheet for the company for the next year. 87 CVS HEALTH CORPORATION Consolidated Balance Sheets Dec. 31. In millions 2016 Cash and cash equivalents $ 3,371 assets Short-term investments Accounts receivable, netolew W .9%) 12,164 Inventories 14,760 Other current assets Total current assets 31,042 Property and equipment, net 10,175 Goodwill 38,249 Ointangible assets, net? 13209 13,511 Other assets 1,485A Total assets 94,462 660 Dec. 31. 2015 $ 2,459 88 S7 11,888 12, 14,001 722 66 29,158 35466 9,855 38,106 13,878 1,440 92,437 10:522 12 7,946 9,451 6,937 1,874 Accounts payable Claims and discounts payable Accrued expenses Short-term debt the Current portion of long-term debt? 1916 Total current liabilities Long-term debt-Current portion Deferred income taxes Other long-term liabilities Redeemable noncontrolling interest 26,250 25,615-1916 4,214n0 1,549 no 7,490 7,653 9 $7 6,829 - 72 0 1,197-18 19 23,169 29324 26,267 27/641 4,217 421 1,542 154 39 17 hus (33,452) no (31) Common stock, par value $0.01 Treasury stock, at cost Shares held in trust Capital surplus Retained earnings Accumulated other comprehensive loss Total CVS Health shareholders' equity Noncontrolling interest Total shareholders' equity Total liabilities and shareholders' equity 31,618 38,983 (305) 36,830 4 36,834 $ 94,462 (28,886) (3311 (31) (30 30,948 35,506 154 (358) Bo 37,196 76 37,203 $ 92,437 472 Continued next page +Capex-dep-net PPE 75+3 166.69 -1231=12, 112.84 Dec. 31, 2015 $ 153,290 126,762 26,528 17 074 9,454 -30,3 -19,3 $ CVS HEALTH CORPORATION Consolidated Statements of Income Dec. 31, In millions 2016 Net revenues (57) 5. $ 177.526 Cost of revenues reux 43.7) 148,669 Gross profit 28,857 Total operating expenses wet roux 16.4%) 18,519 Operating profit 10,338 Wnterest expense, net came 1,058 Voss on early extinguishment of debt 643 Income before income tax provision 8,637 Income tax provision 01404.340 3,317 Vncome from continuing operations 5,320 ncome (loss) from discontinued operations, net Net income 5,319 Net loss attributable to noncontrolling interest Net income attributable to CVS Health Corporation $ 5,317 = 10,99 VOS 838 8,616 3,386 994 38/ 5,230 BIZ 5,239 (2) $ 5,237 672 To forecast the financial statements, make the following assumptions. For accounts that are no included in the list below, assume that the amount will not change for the forecasted year. Growth in net revenues. Cost of revenues Operating expenses to net revenues.. Loss on early extinguishment of debt....... Uncome tax provision to income before income tax provision....... Loss from discontinued operations. A/R to net revenues Inventories to net revenues..... CAPEX to net revenues..... depreciation expense ($ millions) Forecasted amortization of intangible assets ($ millions).... Long-term debt due 2018 ($ millions). A/P to net revenues Claims and discounts payable to net revenues. Accrued expenses to net revenues Dividends to net income attributable to CVS Health Corp. 5.0% e 83.7% MW Al 10.4% new AEN SO-same 38.4%- 38.4 $0- 6.9% ethel 8.3% ne 1.7% x H I $1,231 $302 $1,916+ 4.5% x retou 5.3% rietre 3.9% New 20.0% -384