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 companys income statement 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.

Income statement assumptions
Net sales increase	8%	growth
Cost of products sold	30.0%	of net sales
Research and development expense	7.6%	of net sales
Selling, general, and administrative expense	34.1%	of net sales
Amortization of intangible assets	5.8%	of net sales
Restructuring charges, net	75%	of 2019 restructuring expense
Certain litigation charges, net	$150	million
Other operating expense, net		No change in $ amount
Other nonoperating income, net		No change in $ amount
Interest expense		No change in $ amount
Income tax provision	15%	of pretax income
Income attributable to noncontrolling interests		No change in $ amount

	Medtronic PLC
	Consolidated Statement of Income
	$ millions
	For Fiscal Year Ended	2020
	Net sales	Answer
	Costs and expenses
	Cost of products sold	Answer
	Research and development expense	Answer
	Selling, general, and administrative expense	Answer
	Amortization of intangible assets	Answer
	Restructuring charges, net	Answer
	Certain litigation charges, net	Answer
	Other operating expense, net	Answer
	Operating profit	Answer
	Other nonoperating income, net	Answer
	Interest expense	Answer
	Income before income taxes	Answer
	Income tax provision	Answer
	Net income	Answer
	Net income loss attributable to noncontrolling interests	Answer
	Net income attributable to Medtronic	Answer