Forecast an Income Statement

Following is the income statement for Medtronic PLC for the year ended April 29, 2016.

Are my answers correct?

Forecast an Income Statement 9,142 40 237 Following is the income statement for Medtronic PLC for the year ended April 29, 2016. Consolidated Statements of Income Apr. 29, 2016 Apr. 24, 2015 Apr. 25, 2014 Net sales $28,833 $20,261 $17,005 Costs and expenses Cost of products sold 6,309 4,333 Research and development expense 2,224 1,640 1,477 Selling, general, and administrative expense 9,469 6,904 5,847 Special charges (gains), net 70 (38) Restructuring charges, net 290 Certain litigation charges, net 26 Acquisition-related items 283 117 Amortization of intangible assets 1,931 733 349 Other expense, net 107 118 181 Operating profit 5,291 3,766 Interest expense, net 955 280 108 Income from operations before income taxes 4,336 3,486 3,705 Provision for income taxes 811 640 Net income $3,538 $2,675 $3,065 770 550 3,813 798 Use the following assumptions to prepare a forecast of the company's income statement for FY2017. Net sales increase 22% Cost of products sold 31.7% of net sales Research and development expense 7.7% of net sales Selling, general, and administrative expense 32.8% of net sales Special charges (gains), net $0 Certain litigation charges, net $0 Restructuring charges, net 75% of 2016 expense Acquistion-related items 1.0% of net sales Amortization of intangible assets No change Other expense, net and Interest expense, net No change Provision for income taxes 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 $ 35,176 Costs and expenses Cost of products sold 11,151 Research and development expense 2,709 Selling, general, and administrative expense 11,538 Restructuring charges, net 218 Acquisition-related items 351 Amortization of intangible assets Other expense, net 107 Operating profit 5,291 Interest expense, net 955 Income from operations before income taxes 4,336 Provision for income taxes 867 3,469 1,931 A