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 $885$

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

Amortization of intangible assets $1,764$

Restructuring charges, net $75$

Certain litigation charges, net $166$

Other operating expense, net $258$

Operating profit $7,836$

Other nonoperating income, net $(142)$

Interest expense $1,444$

Income before income taxes $6,534$

Income tax provision $547$

Net income $5,987$

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

Net income attributable to Medtronic $$5,968$

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 $815$

Total current assets $20,638$

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

Goodwill $39,959$

Other intangible assets, net $20,560$

Tax assets $577$

Other assets $1,014$

Total assets $$87,423$

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 $288$

Total liabilities $39,013$

Shareholders$$ equity

Ordinary shares $0$

Additional paid$-$in capital $24,730$

Retained earnings $26,270$

Accumulated other comprehensive loss $(2,711)$

Total shareholders$$ equity $48,289$

Noncontrolling interests $121$

Total equity $48,410$

Total liabilities and equity $$87,423$

Income Statement

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 sales

Ordinary shares No change

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 Answer

Investments Answer

$5,455$

Accounts receivable, net Answer

Inventories, net Answer

Other current assets Answer

Total current assets Answer

Property, plant, and equipment, net Answer

Goodwill Answer

Other intangible assets, net Answer

Tax assets Answer

Other assets Answer

Total assets Answer

Current liabilities

Current debt obligations Answer

Accounts payable Answer

Accrued compensation Answer

Accrued income taxes Answer

Other accrued expenses Answer

Total current liabilities Answer

Long$-$term debt Answer

Accrued compensation and retirement benefits Answer

Accrued income taxes Answer

Deferred tax liabilities Answer

Other liabilities Answer

Total liabilities Answer

Shareholders$$ equity

Ordinary shares Answer

$0$

Additional paid$-$in capital Answer

Retained earnings Answer

Accumulated other comprehensive loss Answer

Total shareholders$$ equity Answer

Noncontrolling interests Answer

Total equity Answer

Total liabilities and equity Answer