Forecast the Balance Sheet

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

Medtronic plcConsolidated Balance Sheets($ millions)Apr. 29, 2016Apr. 24, 2015Current assetsCash and cash equivalents$2,768$4,843Investments9,75814,637Accounts receivable5,5625,112Inventories3,4733,463Tax assets6971,335Prepaid expenses and other current assets1,2341,454Total current assets23,49230,844Property, plant, and equipment, net4,8414,699Goodwill41,50040,530Other intangible assets, net26,89928,101Long-term tax assets1,383774Other assets1,5591,737Total assets$99,674$106,685Current liabilitiesShort-term borrowings$885$2,434Accounts payable1,7091,610Accrued compensation1,7121,611Accrued income taxes566935Deferred tax liabilities-119Other accrued expenses2,1852,464Total current liabilities7,0579,173Long-term debt30,24733,752Long-term accrued compensation1,7591,535Long-term accrued income taxes2,9032,476Long-term deferred tax liabilities3,7294,700Other long-term liabilities1,9161,819Total liabilities47,61153,455Shareholders' equityOrdinary shares--Retained earnings53,93154,414Accumulated other comprehensive (loss)(1,868)(1,184)Total shareholders' equity52,06353,230Total liabilities and shareholders' equity$99,674$106,685

Use the following assumptions to forecast the company's balance sheet for FY2017.

Forecasted FY2017 net income$4,839million

Forecasted FY2017 net sales$34,079million

Accounts receivable19.3%of net sales

Inventories12.0%of net sales

Tax assets2.4%of net sales

Prepaid expenses and other current assets4.3%of net sales

Long-term tax assets4.8%of net sales

Other assets5.4%of net sales

Accounts payable5.9%of net sales

Accrued compensation5.9%of net sales

Accrued income taxes2.0%of net sales

Other accrued expenses7.6%of net sales

Long-term accrued income taxes10.1%of net sales

Long-term deferred tax liabilities12.9%of net sales

Other long-term liabilities6.6%of net sales

InvestmentsNo changeGoodwillNo changeLong-term accrued compensation and retirement benefitsNo changeOrdinary sharesNo changeAccumulated other comprehensive (loss)No changeCAPEX3.6%of net sales

Depreciation expense18.9%of prior year PPE, net

Amortization expense in FY2016$1,931million

Current maturities of debt due in FY2017$885million

Current maturities of debt due in FY2018$6,176million

Dividend payout ratio60.5%

• Round your answers to the nearest whole number.
• Do not use negative signs with any of your answers.

Medtronic plcForecasted Consolidated Balance Sheet($ millions)EST. 2017Current assetsCash and cash equivalents$Answer

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Shareholders' equityOrdinary shares-Retained earningsAnswer

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Total liabilities and shareholders' equity