Question
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
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 | 1,072 |
Selling, general, and administrative expense | 10,418 |
Amortization of intangible assets | 1,764 |
Restructuring charges, net | 91 |
Certain litigation charges, net | 166 |
Other operating expense, net | 258 |
Operating profit | 7,633 |
Other nonoperating income, net | (172) |
Interest expense | 1,444 |
Income before income taxes | 6,361 |
Income tax provision | 547 |
Net income | 5,814 |
Net income loss attributable to noncontrolling interests | (19) |
Net income attributable to Medtronic | $5,795 |
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 | 986 |
Total current assets | 20,809 |
Property, plant, and equipment, net | 4,675 |
Goodwill | 39,959 |
Other intangible assets, net | 20,560 |
Tax assets | 699 |
Other assets | 1,014 |
Total assets | $87,716 |
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 | 348 |
Total liabilities | 39,073 |
Shareholders equity | |
Ordinary shares | 0 |
Additional paid-in capital | 24,963 |
Retained earnings | 26,270 |
Accumulated other comprehensive loss | (2,711) |
Total shareholders equity | 48,522 |
Noncontrolling interests | 121 |
Total equity | 48,643 |
Total liabilities and equity | $87,716 |
Income Statement
Balance Sheet
Use the following assumptions to prepare a forecast of the companys 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 | 20.4% | of net sales |
Inventories, net | 12.3% | of net sales |
Other current assets | 7% | of net sales |
Goodwill | No change | |
Tax assets | 5% | of net sales |
Other assets | 3.3% | of net sales |
Accounts payable | 6.4% | of net sales |
Accrued compensation (current liability) | 7.2% | of net sales |
Accrued compensation and retirement benefits (noncurrent liability) | No change | |
Accrued income taxes (current liability) | 1.9% | of net sales |
Other accrued expenses | 9.6% | of net sales |
Accrued income taxes (noncurrent liability) | 9.3% | of net sales |
Deferred tax liabilities | 4.2% | of net sales |
Other liabilities | 2.5% | of net sales |
Ordinary shares | No change | |
Accumulated other comprehensive loss | No change | |
Net income attributable to noncontrolling interest | $19 | million |
Dividends in FY2020 | $2,853 | million |
CAPEX in FY2019 | $1,134 | $million, forecast CAPEX at historic % of net sales |
Depreciation expense in FY2020 | $950 | million |
Amortization expense in FY2020 | $1,914 | million |
Debt due in FY2020 | $838 | million |
Debt due in FY2021 | $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 |
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