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 $2,876 $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 23,600 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 $99,782 $106,685 Current liabilities Short-term borrowings $993 $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 7,165 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 47,719 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 $99,782 $106,685 Use the following assumptions to forecast the companys balance sheet for FY2017. Forecasted FY2017 net income $4,972 million Forecasted FY2017 net sales $35,176 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 FY2016 $1,931 million Current maturities of debt due in FY2017 $993 million Current maturities of debt due in FY2018 $6,176 million Dividend payout ratio 60.5% Round your answers to the nearest whole number. Do not use negative signs with any of your answers. Medtronic plc Forecasted Consolidated Balance Sheet ($ millions) EST. 2017 Current assets Cash and cash equivalents Answer 2,876 Investments Answer 9,758 Accounts receivable Answer 5,562 Inventories Answer 3,473 Tax assets Answer 697 Prepaid expenses and other current assets Answer 1,234 Total current assets Answer 23,600 Property, plant, and equipment, net Answer 4,841 Goodwill Answer 41,500 Other intangible assets, net Answer 24,968 Long-term tax assets Answer 1,383 Other assets Answer 1,559 Total assets Answer 99,872 Current liabilities Short-term borrowings Answer 993 Accounts payable Answer 1,709 Accrued compensation Answer 1,712 Accrued income taxes Answer 566 Other accrued expenses Answer 0 Total current liabilities Answer 7,165 Long-term debt Answer 24,071 Long-term accrued compensation Answer 1,759 Long-term accrued income taxes Answer 2,903 Long-term deferred tax liabilities Answer 3,729 Other long-term liabilities Answer 1,916 Total liabilities Answer 47,719 Shareholders equity Ordinary shares - Retained earnings Answer 53,931 Accumulated other comprehensive (loss) Answer 1,868 Total shareholders equity Answer 52,063 Total liabilities and shareholders equity Answer 99,782