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 $9,75814,637$

Accounts receivable $5,5625,112$

Inventories $3,4733,463$

Tax assets $6971,335$

Prepaid expenses and other current assets $1,2341,454$

Total current assets $23,71230,844$

Property, plant, and equipment, net $4,8414,699$

Goodwill $41,50040,530$

Other intangible assets, net $26,89928,101$

Long$-$term tax assets $1,383774$

Other assets $1,5591,737$

Total assets $$99,894$ $$106,685$

Current liabilities

Short$-$term borrowings $$1,105$ $$2,434$

Accounts payable $1,7091,610$

Accrued compensation $1,7121,611$

Accrued income taxes $566935$

Deferred tax liabilities $-119$

Other accrued expenses $2,1852,464$

Total current liabilities $7,2779,173$

Long$-$term debt $30,24733,752$

Long$-$term accrued compensation $1,7591,535$

Long$-$term accrued income taxes $2,9032,476$

Long$-$term deferred tax liabilities $3,7294,700$

Other long$-$term liabilities $1,9161,819$

Total liabilities $47,83153,455$

Shareholders$$ equity

Ordinary shares $--$

Retained earnings $53,93154,414$

Accumulated other comprehensive $($loss$)(1,868)(1,184)$

Total shareholders$$ equity $52,06353,230$

Total liabilities and shareholders$$ equity $$99,894$ $$106,685$

Use the following assumptions to forecast the company$$s balance sheet for FY$2017.$

Forecasted FY$2017$ net income $$5,151$ million

Forecasted FY$2017$ net sales $$36,274$ million

Accounts receivable $19\mathrm{.}3\%$ of net sales

Inventories $12\mathrm{.}0\%$ of net sales

Tax assets $2\mathrm{.}4\%$ of net sales

Prepaid expenses and other current assets $4\mathrm{.}3\%$ of net sales

Long$-$term tax assets $4\mathrm{.}8\%$ of net sales

Other assets $5\mathrm{.}4\%$ of net sales

Accounts payable $5\mathrm{.}9\%$ of net sales

Accrued compensation $5\mathrm{.}9\%$ of net sales

Accrued income taxes $2\mathrm{.}0\%$ of net sales

Other accrued expenses $7\mathrm{.}6\%$ of net sales

Long$-$term accrued income taxes $10\mathrm{.}1\%$ of net sales

Long$-$term deferred tax liabilities $12\mathrm{.}9\%$ of net sales

Other long$-$term liabilities $6\mathrm{.}6\%$ 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 $3\mathrm{.}6\%$ of net sales

Depreciation expense $18\mathrm{.}9\%$ of prior year PPE, net

Amortization expense in FY$2016$ $$1,931$ million

Current maturities of debt due in FY$2017$ $$1,105$ million

Current maturities of debt due in FY$2018$ $$6,176$ million

Dividend payout ratio $60\mathrm{.}5\%$

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

$0$

Investments Answer

$9,758$

Accounts receivable Answer

$7,001$

Inventories Answer

$4,353$

Tax assets Answer

$871$

Prepaid expenses and other current assets Answer

$1,560$

Total current assets Answer

$0$

Property, plant, and equipment, net Answer

$0$

Goodwill Answer

$41,500$

Other intangible assets, net Answer

$24,968$

Long$-$term tax assets Answer

$1,741$

Other assets Answer

$1,959$

Total assets Answer

$0$

Current liabilities

Short$-$term borrowings Answer

$6,176$

Accounts payable Answer

$0$

Accrued compensation Answer

$2,140$

Accrued income taxes Answer

$725$

Other accrued expenses Answer

$2,757$

Total current liabilities Answer

$0$

Long$-$term debt Answer

$0$

Long$-$term accrued compensation Answer

$1,759$

Long$-$term accrued income taxes Answer

$3,664$

Long$-$term deferred tax liabilities Answer

$4,679$

Other long$-$term liabilities Answer

$2,394$

Total liabilities Answer

$0$

Shareholders$$ equity

Ordinary shares $-$

Retained earnings Answer

$0$

Accumulated other comprehensive $($loss$)$ Answer

$(1,868)$

Total shareholders$$ equity Answer

$0$

Total liabilities and shareholders$$ equity Answer

$0$