Forecast an Income Statement Following is the income statement for Medtronic PLC for the year ended April 29, 2016. Consolidated Statements of Income Apr. 29, 2016 Net sales $27,722 Costs and expenses Cost of products sold 8,594 Research and development expense 2,224 Selling, general, and administrative expense 9,469 Special charges (gains), net 70 Restructuring charges, net 290 Certain litigation charges, net 26 Acquisition-related items 283 Amortization of intangible assets 1,931 Other expense, net 107 Operating profit 4,728 Interest expense, net 955 Income from operations before income taxes 3,773 Provision for income taxes 717 Net income $3,056 Use the following assumptions to prepare a forecast of the company's income statement for FY2017. 16% 31.7% of net sales 7.7% of net sales 32.8% of net sales Net sales increase Cost of products sold Research and development expense Selling, general, and administrative expense Special charges (gains), net Certain litigation charges, net Restructuring charges, net Acquistion-related items Amortization of intangible assets Other expense, net and Interest expense, net Provision for income taxes $0 $0 75% of 2016 expense 1.0% of net sales No change No change 20% of pre-tax income Instructions: Round answers to the nearest whole number. Use rounded answers for any subsequent computations. Do not use negative signs with any of your answers. Medtronic Inc. Forecasted Consolidated Statement of Income in Millions EST. 2017 Net sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Restructuring charges, net Acquisition-related items Amortization of intangible assets Other expense, net Operating profit Interest expense, net Income from operations before income taxes Provision for income taxes Net income Previous A Save Answers