Forecast Income Statement and Balance Sheet

Following are the income statement and balance sheet for Medtronic PLC$.$

Note: Complete the entire question using the following Excel template: Excel Template $.$ Then enter the answers into the provided spaces below with two decimal places.

Medtronic PLC

Consolidated Statement of Income

$ millions, For Fiscal Year Ended April $26,2019$

Net sales $$30,557$

Costs and expenses

Cost of products sold $9,155$

Research and development expense $932$

Selling, general, and administrative expense $10,418$

Amortization of intangible assets $1,764$

Restructuring charges, net $79$

Certain litigation charges, net $166$

Other operating expense, net $258$

Operating profit $7,785$

Other nonoperating income, net $(149)$

Interest expense $1,444$

Income before income taxes $6,490$

Income tax provision $547$

Net income $5,943$

Net income loss attributable to noncontrolling interests $(19)$

Net income attributable to Medtronic $$5,924$

Medtronic PLC

Consolidated Balance Sheet

$ millions April $26,2019$

Current assets

Cash and cash equivalents $$4,393$

Investments $5,455$

Accounts receivable, net $6,222$

Inventories, net $3,753$

Other current assets $858$

Total current assets $20,681$

Property, plant, and equipment, net $4,675$

Goodwill $39,959$

Other intangible assets, net $20,560$

Tax assets $608$

Other assets $1,014$

Total assets $$87,497$

Current liabilities

Current debt obligations $$838$

Accounts payable $1,953$

Accrued compensation $2,189$

Accrued income taxes $567$

Other accrued expenses $2,925$

Total current liabilities $8,472$

Long$-$term debt $24,486$

Accrued compensation and retirement benefits $1,651$

Accrued income taxes $2,838$

Deferred tax liabilities $1,278$

Other liabilities $303$

Total liabilities $39,028$

Shareholders$$ equity

Ordinary shares $0$

Additional paid$-$in capital $24,789$

Retained earnings $26,270$

Accumulated other comprehensive loss $(2,711)$

Total shareholders$$ equity $48,348$

Noncontrolling interests $121$

Total equity $48,469$

Total liabilities and equity $$87,497$

Income Statement

Balance Sheet

Use the following assumptions to prepare a forecast of the company$$s income statement for fiscal year $2020.$

Note: Complete the entire question in Excel $($template provided above$).$ Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers.Then enter the answers into the provided spaces below with $\_$two decimal places$\_.$

Note: Use negative signs with answers, when appropriate.

Income statement assumptions

Net sales increase $8\%$ growth

Cost of products sold $30\mathrm{.}0\%$ of net sales

Research and development expense $7\mathrm{.}6\%$ of net sales

Selling, general, and administrative expense $34\mathrm{.}1\%$ of net sales

Amortization of intangible assets $5\mathrm{.}8\%$ of net sales

Restructuring charges, net $75\%$ of $2019$ restructuring expense

Certain litigation charges, net $$150$ 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

Medtronic PLC

Consolidated Statement of Income

$ millions

For Fiscal Year Ended $2020$

Net sales Answer

$33,001\mathrm{.}56$

Costs and expenses

Cost of products sold Answer

$9,900\mathrm{.}47$

Research and development expense Answer

$2,508\mathrm{.}12$

Selling, general, and administrative expense Answer

$11,253\mathrm{.}53$

Amortization of intangible assets Answer

$1,914\mathrm{.}09$

Restructuring charges, net Answer

$59\mathrm{.}25$

Certain litigation charges, net Answer

$150$

Other operating expense, net Answer

$258$

Operating profit Answer

$6,958\mathrm{.}1$

Other nonoperating income, net Answer

$149$

Interest expense Answer

$1,444$

Income before income taxes Answer

$5,365\mathrm{.}1$

Income tax provision Answer

$804\mathrm{.}77$

Net income Answer

$4,560\mathrm{.}34$

Net income loss attributable to noncontrolling interests Answer

$4,560\mathrm{.}34$

Incorrect

Mark $0\mathrm{.}00$ out of $1\mathrm{.}00$

Net income attributable to Medtronic Answer

$4,560\mathrm{.}34$