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) Current assets Cash and cash equivalents Investments Accounts receivable Inventories Apr. 29, 2016 Apr. 24, 2015 $4,843 14,637 5,112 3,463 1,335 1,454 30,844 4,699 40,530 28,101 774 1,737 $106,685 $3,221 9,758 5,562 3,473 Tax assets Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net Goodwill Other intangible assets, net Long-term tax assets Other assets 1,234 23,945 4,841 41,500 26,899 1,383 1,559 $100,127 Total assets Current liabilities Short-term borrowings Accounts payable $1,338 $2,434 1,709 1,610 Operating profit Interest expense, net Income from operations before 4,882 3,766 3,8 955 280 3,927 746 $3,181 3,486 3,7 income taxes Provision for income taxes 811 6 $2,675 $3,0 Net income Use the following assumptions to prepare a forecast of the company's income statement for FY2017. 14% Net sales increase Cost of products sold Research and development expense Selling, general, and administrative 31.7% of net sales 7.7% of net sales 32.8% of net sales expense Special charges (gains), net Certain litigation charges, net Restructuring charges, net Acquistion-related items $0 $0 of 2016 expense 75% 1.0% of net sales No No change No change Amortization of intangible assets Other expense, net and Interest expense, net of pre-tax income Provision for income taxes 20% Instructions: Round answers to the nearest whole number. Use rounded answers for any subsequent computations. Do not use negative signs with any of your answers. Round your answers to the nearest whole number. Do not use negative signs with any of your answers. Medtronic plc Forecasted Consolidated Balance Sheet ( millions) EST. 2017 Current assets Cash and cash equivalents 5,781 Investments 9,758 Accounts receivable 7,456 Inventories 4,636 Tax assets 927 Prepaid expenses and other current assets 1,661 Total current assets 30,219 X Property, plant, and equipment, net 5,317 Goodwill 41,500 Other intangible assets, net 24,968 Long-term tax assets 1,854 Other assets 2,089 X $105,944X Total assets Current liabilities Short-term borrowings Accounts payable Accrued compensation 7,514X 2,279 2,279 Accrued income taxes 773 Other accrued expenses 2,936 Total current liabilities 15,781 X Long-term debt 22,733 X Long-term accrued compensation 1,759 Long-term accrued income taxes 3,902 Long-term deferred tax liabilities 4,983 X Other long-term liabilities 2,550 Total liabilities 51,708 X Shareholders' equity Ordinary shares 56,104 X Retained earnings (1,868)X Accumulated other comprehensive (loss) 54,236 X Total shareholders' equity $105,944X Total liabilities and shareholders' equity Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Current assets Cash and cash equivalents Investments Accounts receivable Inventories Apr. 29, 2016 Apr. 24, 2015 $4,843 14,637 5,112 3,463 1,335 1,454 30,844 4,699 40,530 28,101 774 1,737 $106,685 $3,221 9,758 5,562 3,473 Tax assets Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net Goodwill Other intangible assets, net Long-term tax assets Other assets 1,234 23,945 4,841 41,500 26,899 1,383 1,559 $100,127 Total assets Current liabilities Short-term borrowings Accounts payable $1,338 $2,434 1,709 1,610 Operating profit Interest expense, net Income from operations before 4,882 3,766 3,8 955 280 3,927 746 $3,181 3,486 3,7 income taxes Provision for income taxes 811 6 $2,675 $3,0 Net income Use the following assumptions to prepare a forecast of the company's income statement for FY2017. 14% Net sales increase Cost of products sold Research and development expense Selling, general, and administrative 31.7% of net sales 7.7% of net sales 32.8% of net sales expense Special charges (gains), net Certain litigation charges, net Restructuring charges, net Acquistion-related items $0 $0 of 2016 expense 75% 1.0% of net sales No No change No change Amortization of intangible assets Other expense, net and Interest expense, net of pre-tax income Provision for income taxes 20% Instructions: Round answers to the nearest whole number. Use rounded answers for any subsequent computations. Do not use negative signs with any of your answers. Round your answers to the nearest whole number. Do not use negative signs with any of your answers. Medtronic plc Forecasted Consolidated Balance Sheet ( millions) EST. 2017 Current assets Cash and cash equivalents 5,781 Investments 9,758 Accounts receivable 7,456 Inventories 4,636 Tax assets 927 Prepaid expenses and other current assets 1,661 Total current assets 30,219 X Property, plant, and equipment, net 5,317 Goodwill 41,500 Other intangible assets, net 24,968 Long-term tax assets 1,854 Other assets 2,089 X $105,944X Total assets Current liabilities Short-term borrowings Accounts payable Accrued compensation 7,514X 2,279 2,279 Accrued income taxes 773 Other accrued expenses 2,936 Total current liabilities 15,781 X Long-term debt 22,733 X Long-term accrued compensation 1,759 Long-term accrued income taxes 3,902 Long-term deferred tax liabilities 4,983 X Other long-term liabilities 2,550 Total liabilities 51,708 X Shareholders' equity Ordinary shares 56,104 X Retained earnings (1,868)X Accumulated other comprehensive (loss) 54,236 X Total shareholders' equity $105,944X Total liabilities and shareholders' equity