Forecast an Income Statement - Q1

Following is the income statement for Medtronic PLC.

Consolidated Statement of Income ($ millions) For Fiscal Year Ended	April 26, 2019
Net sales	$23,101
Costs and expenses
Cost of products sold	6,921
Research and development expense	2,330
Selling, general, and administrative expense	7,876
Amortization of intangible assets	1,334
Restructuring charges, net	198
Certain litigation charges, net	166
Other operating expense, net	258
Operating profit	4,018
Other nonoperating income, net	(373)
Interest expense	1,092
Income before income taxes	3,299
Income tax provision	547
Net income	2,752
Net income loss attributable to noncontrolling interests	(19)
Net income attributable to Medtronic	$2,733

Use the following assumptions to prepare a forecast of the companys income statement for FY2020.

Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places.

Assumptions
Net sales increase	8%	growth
Cost of products sold	30.8%	of net sales
Research and development expense	7.6%	of net sales
Selling, general, and administrative expense	34.1%	of net sales
Amortization of intangible assets	5.8%	of net sales
Restructuring charges, net	75%	of 2019 restructuring expense
Certain litigation charges, net	$113	million
Other operating expense, net		No change in $ amount
Other nonoperating income, net		No change in $ amount
Interest expense		No change in $ amount
Income tax provision	15%	of pretax income
Income attributable to noncontrolling interests		No change in $ amount

	Consolidated Statement of Income ($ millions) For Fiscal Year Ended	2020
	Net sales	Answer
	Costs and expenses
	Cost of products sold	Answer
	Research and development expense	Answer
	Selling, general, and administrative expense	Answer
	Amortization of intangible assets	Answer
	Restructuring charges, net	Answer
	Certain litigation charges, net	Answer
	Other operating expense, net	Answer
	Operating profit	Answer
	Other nonoperating income, net	Answer
	Interest expense	Answer
	Income before income taxes	Answer
	Income tax provision	Answer
	Net income	Answer
	Net income loss attributable to noncontrolling interests	Answer
	Net income attributable to Medtronic	Answer