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 $9,$

Research and development expense $2,330$

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

Amortization of intangible assets $1,764$

Restructuring charges, net $198$

Certain litigation charges, net $166$

Other operating expense, net $258$

Operating profit $6,268$

Other nonoperating income, net $(373)$

Interest expense $1,444$

Income before income taxes $5,197$

Income tax provision $547$

Net income $4,650$

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

Net income attributable to Medtronic $$4,631$

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 $2,144$

Total current assets $21,967$

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

Goodwill $39,959$

Other intangible assets, net $20,560$

Tax assets $1,519$

Other assets $1,014$

Total assets $$89,69$

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 $757$

Total liabilities $39,482$

Shareholders$$ equity

Ordinary shares $0$

Additional paid$-$in capital $26,532$

Retained earnings $26,270$

Accumulated other comprehensive loss $(2,711)$

Total shareholders$$ equity $50,091$

Noncontrolling interests $121$

Total equity $50,212$

Total liabilities and equity $$89,694$

Balance Sheet

Use the following assumptions to prepare a forecast of the company$$s balance sheet 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.

Balance sheet assumptions

Investments No change

Accounts receivable, less allowance $20\mathrm{.}4\%$ of net sales

Inventories, net $12\mathrm{.}3\%$ of net sales

Other current assets $7\%$ of net sales

Goodwill No change

Tax assets $5\%$ of net sales

Other assets $3\mathrm{.}3\%$ of net sales

Accounts payable $6\mathrm{.}4\%$ of net sales

Accrued compensation $($current liability$)7\mathrm{.}2\%$ of net sales

Accrued compensation and retirement benefits $($noncurrent liability$)$ No change Accrued income taxes $($current liability$)1\mathrm{.}9\%$ of net sales

Other accrued expenses $9\mathrm{.}6\%$ of net sales

Accrued income taxes $($noncurrent liability$)9\mathrm{.}3\%$ of net sales

Deferred tax liabilities $4\mathrm{.}2\%$ of net sales

Other liabilities $2\mathrm{.}5\%$ of net s

Accumulated other comprehensive loss No change

Net income attributable to noncontrolling interest $$19$ million

Dividends in FY$2020$ $$2,853$ million

CAPEX in FY$2019$ $$1,134$ $million, forecast CAPEX at historic $\%$ of net sales Depreciation expense in FY$2020$ $$950$ million

Amortization expense in FY$2020$ $$1,914$ million

Debt due in FY$2020$ $$838$ million

Debt due in FY$2021$ $$2,058$ million

Medtronic PLC Consolidated Balance Sheet $ millions $2020$

Current assets

Cash and cash equivalents

Investments

Accounts receivable, net

Inventories, net

Other current assets

Total current assets

Property, plant, and equipment, net

Goodwill

Other intangible assets, net

Tax assets

Other assets

Total assets

Current liabilities Current debt obligations

Accounts payable

Accrued compensation

Accrued income taxes

Other accrued expenses

Total current liabilities

Long$-$term debt

Accrued compensation and retirement benefits

Accrued income taxes

Deferred tax liabilities

Other liabilities

Total liabilities

Shareholders$$ equity Ordinary shares

Additional paid$-$in capital

Retained earnings

Accumulated other comprehensive loss

Total shareholders$$ equity

Noncontrolling interests

Total equity

Total liabilities and equity