Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. April 26, 2019 $30,557 9,155 2,330 10,418 1,764 Consolidated Statement of Income, 12 Months Ended ($ millions) Net Sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax provision 198 166 258 6,268 373 1,444 5,197 547 Net income 4,650 19 Net income attributable to noncontrolling interests Net income attributable to Medtronic $ 4,631 Consolidated Balance Sheet ($ millions) April 26, 2019 Current assets Cash and cash equivalents Investments Accounts receivable, less allowances of $190 Inventories, net Other current assets Total current assets $ 4,393 5,455 6,222 3,753 2,144 21,967 4,675 39,959 20,560 1,519 1,014 $89,694 Property, plant, and equipment, net Goodwill Other intangible assets, net Tax assets Other assets Total assets Current liabilities $838 1,953 2,189 567 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 2,925 8,472 24,486 1,651 2,838 1,278 Other liabilities 757 Total liabilities 39,482 0 Shareholders' equity Ordinary shares Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity 26,532 26,270 (2,711) 50,091 121 50,212 $89,694 Use the following assumptions to prepare a forecast of the company's income statement for fiscal year 2020. Net sales increase Cost of product sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges Other operating expense, net Interest expense Income tax provision Income to noncontrolling interests 8% 30.0% of net sales 7.6% of net sales 34.1% of net sales 5.8% of net sales 75% of 2019 expense $150 million No change No change 15% of pre-tax income No change Round answers to the nearest whole number. Do not use negative signs with any of your answers. April 2020 $ 0 $ 0 0 0 0 0 Consolidated Statement of Income, 12 Months Ended ($ millions) Net Sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax provision Net income Net income attributable to noncontrolling interests Net income attributable to Medtronic 0 0 0 0 0 0 0 0 0 ta 0 Use the following assumptions to prepare a forecast of the company's balance sheet for fiscal year 2020. Accounts receivable, less allowances 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 income taxes (current liability) 1.9% of net sales Accrued income taxes (noncurrent liability) 9.3% of net sales Other accrued expenses 9.6% of net sales Accrued compensation and retirement benefits (noncurrent liability) No change 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, forecast CAPEX at historic % of net sales $1,134 million Depreciation expense in FY2020 $950 million Amortization expense in FY2020 $1,914 million Debt due in FY2020 $838 million Debt due in FY2021 $2,058 million Round answers to the nearest whole number. Use a negative sign with your Accumulated other comprehensive loss answer. April 2020 0 Consolidated Balance Sheet ($ millions) Current assets Cash and cash equivalents Investments Accounts receivable, less allowances of $190 Inventories, net 0 0 0 Other current assets 0 Total current assets 0 0 Property, plant, and equipment, net Goodwill 0 Other intangible assets, net 0 Tax assets 0 Other assets 0 Total assets $ 0 $ 0 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' equity Noncontrolling interests Total equity Total liabilities and shareholders' equity 0 0 0 $ 0