Forecast an Income Statement

Consolidated Statement of Income For Fiscal Year Ended $ millions Net sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges, net Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax provision Net income Net income loss attributable to noncontrolling interests Net income attributable to Medtronic April 26, 2019 $ 25,973.0 7,782.0 2,330.0 8,855.0 1,499.0 198.0 166.0 75R_O 4,885.0 (373.0) 4,031.0 547 _ O 3,484.0 (19.0) Use the following assumptions to prepare a forecast of the company's income statement for FY2020. Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. Assumptions Net sales increase Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges, net Other operating expense, net Other nonoperating income, net Interest expense Income tax provision Income attributable to noncontrolling interests 8% growth 30.80% of net sales 7.60% of net sales 34.10% of net sales 5.80% of net sales 75% of 2019 restructuring expense $150 Imillion tqo change in $ amount No change in $ amount No change in $ amount 15% of pretax income No change in $ amount Note: Format cells so each amount shows two decimal places. Do not round amounts - use Increase Decimal or Decrease Decimal in Excel toolbar to adjust. Then in MBC, enter the answers with two decimal places. Consolidated Statement of Income ($ millions) For Fiscal Year Ended 2020 Net sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges, net Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax provision Net income Net income loss attributable to noncontrolling interests Net income attributable to Medtronic