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 $2,988 $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 23,712 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 $99,894 $106,685 Current liabilities Short-term borrowings $1,105 $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 7,277 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 47,831 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 $99,894 $106,685 Use the following assumptions to forecast the companys balance sheet for FY2017. Forecasted FY2017 net income $5,151 million Forecasted FY2017 net sales $36,274 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 FY2017 $1,931 million Debt due in FY2017 $1,105 million 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