Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet of Medtronic PLC, for the year ended April 29, 2016.

Consolidated Statement of Income, 12 Months Ended ($ millions)	Apr. 29, 2016	Apr. 24, 2015	Apr. 25, 2014
Net Sales	$28,833	$20,264	$17,005
Costs and expenses
Cost of products sold	9,142	6,309	4,333
Research and development expense	2,224	1,640	1,477
Selling, general, and administrative expense	9,469	6,904	5,847
Special charges (gains), net	70	(38)	40
Restructuring charges, net	290	237	78
Certain litigation charges, net	26	42	770
Acquisition-related items	283	550	117
Amortization of intangible assets	1,931	733	349
Other expense, net	107	118	181
Operating profit	5,291	3,766	3,813
Interest expense, net	955	280	108
Income from operations before income taxes	4,336	3,486	3,705
Provision for income taxes	798	811	640
Net income	$3,538	$2,675	$3,065

Consolidated Balance Sheet ($ millions)	Apr. 29, 2016	Apr. 24, 2015
Current assets
Cash and cash equivalents	$2,876	$4,843
Investments	9,758	14,637
Accounts receivable	5,562	5,112
Inventories	3,473	3,463
Tax assets	697	1,335
Prepaid expenses and other current assets	1,234	1,454
Total current assets	23,600	30,844
Property, plant, and equipment, net	4,841	4,699
Goodwill	41,500	40,530
Other intangible assets, net	26,899	28,101
Long-term assets	1,383	774
Other assets	1,559	1,737
Total assets	$99,782	$106,685
Current liabilities
Short-term borrowing	$993	$2,434
Accounts payable	1,709	1,610
Accrued compensation	1,712	1,611
Accrued income taxes	566	935
Deferred tax liabilities	-	119
Other accrued expenses	2,185	2,464
Total current liabilities	7,165	9,173
Long-term debt	30,247	33,752
Long-term accrued compensation and retirement benefits	1,759	1,535
Long-term accrued income taxes	2,903	2,476
Long-term deferred tax liabilities	3,729	4,700
Other long-term liabilities	1,916	1,819
Total liabilities	47,719	53,455
Stockholders' equity
Ordinary shares	-	-
Retained earnings	53,931	54,414
Accumulated other comprehensive loss	(1,868)	(1,184)
Total shareholders' equity	52,063	53,230
Total liabilities and shareholders' equity	$99,782	$106,685

Use the following assumptions to prepare a forecast of the company's income statement for fiscal 2017.

Net sales increase	22%
Cost of products sold	31.7% of net sales
Research and development expense	7.7% of net sales
Selling, general, and administrative expense	32.8% of net sales
Special charges (gains), net and Certain litigation charges, net	$0
Restructuring charges, net	75% of 2016 expense
Acquisition-related items	1.0%
Amoritization of intangible assets	No change in $ amount
Other expense, net and Interest expense, net	No change in $ amount
Provision for income taxes	20% of Pre-tax income

• Round answers to the nearest whole number.

• Do not use negative signs with your answers.

Consolidated Statements of Income in Millions
	2017 Est.
Net sales	Answer
Cost of products sold	Answer
Research and development expense	Answer
Selling, general, and administrative expense	Answer
Restructuring charges, net	Answer
Acquisition-related items	Answer
Amoritization of intangible assets	Answer
Other expense, net	Answer
Operating profit	Answer
Interest expense, net	Answer
Income from operations before income taxes	Answer
Provision for income taxes	Answer
Net income	Answer

Use the following assumptions to prepare a forecast of the company's balance sheet for fiscal 2017.

Accounts receivable	19.3% of net sales
Inventories	12.0% of net sales
Tax assets	2.4% of net sales
Prepaid expenses and other current assets	4.3% of net sales
Long-term tax assets	4.8% of net sales
Other assets	5.4% of net sales
Accounts payable	5.9% of net sales
Accrued compensation	5.9% of net sales
Accrued income taxes	2.0% of net sales
Other accrued expenses	7.6% of net sales
Long-term accrued income taxes	10.1% of net sales
Long-term deferred tax liabilities	12.9% of net sales
Other long-term liabilities	6.6% of net sales
Investments	No change in $ amount
Goodwill	No change in $ amount
Long-term accrued compensation and retirement benefits	No change in $ amount
Ordinary shares	No change in $ amount
Accumulated other comprehensive (loss) income	No change in $ amount
Property, plant, and equipment, net in FY2015	$4,699 million
CAPEX in FY2016	$1,046 million
Depreciation expense in FY2016	$890 million
Dividends in FY2016 (use dividends payout ratio to forecast dividends)	$2,139 million
Current maturities of debt due in FY2017	$993 million
Current maturities of debt due in FY2018	$6,176 million

• Round answers to the nearest whole number.

• Do not use negative signs with your answers.

Forecasted Medtronic PLC Balance Sheet	2017 Est.
Cash and cash equivalents	Answer
Investments	Answer
Accounts receivable	Answer
Inventories	Answer
Tax assets	Answer
Prepaid expenses and other current assets	Answer
Total current assets	Answer
Property, plant, and equipment, net	Answer
Goodwill	Answer
Other intangible assets, net	Answer
Long-term tax assets	Answer
Other assets	Answer
Total assets	Answer
Current liabilities
Short-term borrowings	Answer
Accounts payable	Answer
Accrued compensation	Answer
Accrued income taxes	Answer
Other accrued expenses	Answer
Total current liabilities	Answer
Long-term debt	Answer
Long-term accrued compensation and retirement benefits	Answer
Long-term accrued income taxes	Answer
Long-term deferred tax liabilities	Answer
Other long-term liabilities	Answer
Total liabilities	Answer
Shareholders' equity
Ordinary shares	Answer
Retained earnings	Answer
Accumulated other comprehensive loss	Answer
Total shareholders' equity	Answer
Total liabilities and shareholders' equity