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Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($

Forecast the Balance Sheet

Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016.

Medtronic plc
Consolidated Balance Sheets
($ millions) Apr. 29, 2016 Apr. 24, 2015
Current assets
Cash and cash equivalents $3,332 $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 24,056 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 tax assets 1,383 774
Other assets 1,559 1,737
Total assets $100,238 $106,685
Current liabilities
Short-term borrowings $1,449 $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 7,621 9,173
Long-term debt 30,247 33,752
Long-term accrued compensation 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 48,175 53,455
Shareholders 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 $100,238 $106,685

Use the following assumptions to forecast the companys balance sheet for FY2017.

Forecasted FY2017 net income $5,644 million
Forecasted FY2017 net sales $39,743 million
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
Goodwill No change
Long-term accrued compensation and retirement benefits No change
Ordinary shares No change
Accumulated other comprehensive (loss) No change
CAPEX 3.6% of net sales
Depreciation expense 18.9% of prior year PPE, net
Amortization expense in FY2016 $1,931 million
Current maturities of debt due in FY2017 $1,449 million
Current maturities of debt due in FY2018 $6,176 million
Dividend payout ratio 60.5%

  • Round your answers to the nearest whole number.

  • Use a negative sign with your Accumulated other comprehensive loss answer.

Medtronic plc
Forecasted Consolidated Balance Sheet
($ millions) EST. 2017
Current assets
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 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 -
Retained earnings Answer
Accumulated other comprehensive (loss) Answer
Total shareholders equity Answer
Total liabilities and shareholders equity Answer

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