Forecast the Balance Sheet

Following is the balance sheet for Medtronic PLC for FY2019 ended April 26, 2019.

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	2,144
Total current assets	21,967
Property, plant, and equipment, net	4,675
Goodwill	39,959
Other intangible assets, net	20,560
Tax assets	1,519
Other assets	1,014
Total assets	$89,694
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	757
Total liabilities	39,482
Shareholders equity
Ordinary shares	0
Additional paid-in capital	26,532
Retained earnings	26,270
Accumulated other comprehensive loss	(2,711)
Total shareholders equity	50,091
Noncontrolling interests	121
Total equity	50,212
Total liabilities and equity	$89,694

Use the following assumptions to forecast the companys balance sheet for FY2020.

Forecasted FY2020 net income	$4,927 million
Forecasted FY2020 net sales	$33,002 million
Accounts receivable, less allowance	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 compensation and retirement benefits (noncurrent liability)	No change
Accrued income taxes (current liability)	1.9% of net sales
Other accrued expenses	9.6% of net sales
Accrued income taxes (noncurrent liability)	9.3% of net sales
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 (to be forecast as % 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

MEDTRONIC PLC Forecasted Balance Sheet	April 2020
Current assets
Cash and cash equivalents	Answer
Investments	Answer
Accounts receivable, net	Answer
Inventories, net	Answer
Other current assets	Answer
Total current assets	Answer
Property, plant, and equipment, net	Answer
Goodwill	Answer
Other intangible assets, net	Answer
Tax assets	Answer
Other assets	Answer
Total assets	Answer
Current liabilities
Current debt obligations	Answer
Accounts payable	Answer
Accrued compensation	Answer
Accrued income taxes	Answer
Other accrued expenses	Answer
Total current liabilities	Answer
Long-term debt	Answer
Accrued compensation and retirement benefits	Answer
Accrued income taxes	Answer
Deferred tax liabilities	Answer
Other liabilities	Answer
Total liabilities	Answer
Shareholders equity
Ordinary shares	Answer
Additional paid-in capital	Answer
Retained earnings	Answer
Accumulated other comprehensive loss	Answer
Total shareholders equity	Answer
Noncontrolling interests	Answer
Total equity	Answer
Total liabilities and equity	Answer