Forecast Income Statement and Balance Sheet

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

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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$