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 Accrued compensation Accrued income taxes Deferred tax liabilities Other accrued expenses Total current liabilities Long-term debt Long-term accrued compensation Long-term accrued income taxes Long-term deferred tax liabilities Other long-term liabilities Total liabilities Shareholders' equity Ordinary shares Retained earnings Accumulated other comprehensive (loss) Total shareholders' equity Total liabilities and shareholders' equity 1,611 935 119 2,464 9,173 33,752 1,535 2,476 4,700 1,819 53,455 1,712 566 2,185 7,510 30,247 1,759 2,903 3,729 1,916 48,064 53,931 (1,868) 52,063 $100,127 54,414 (1,184) 53,230 $106,685 Use the following assumptions to forecast the company's balance sheet for FY2017. Forecasted FY2017 net income Forecasted FY2017 net sales Accounts receivable Inventories $5,486 million $38,632 million 19.3% of net sales 12.0% of net sales Tax assets Prepaid expenses and other current assets Long-term tax assets Other assets Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Long-term accrued income taxes Long-term deferred tax liabilities Other long-term liabilities Investments Goodwil Long-term accrued compensation and retirement benefits Ordinary shares Accumulated other comprehensive (loss) CAPEX Depreciation expense Amortization expense in FY2016 Current maturities of debt due in FY2017 Current maturities of debt due in FY2018 Dividend payout ratio 2.4% of net sales 4.3% of net sales 4.8% of net sales 5.4% of net sales 5.9% of net sales 5.9% of net sales 2.0% of net sales 7.6% of net sales 10.1 % of net sales 12.9% of net sales 6.6% of net sales No change No change No change No change No change 3.6% 18.9% $1,931 $1,338 $6,176 60.5% of net sales Of prior year PPE, net million million million Round your answers to the nearest whole number. Do not use negative signs with any of your answers. Medtronic plc Forecasted Consolidated Balance Sheet ($ millions) EST. 2017 Current assets Cash and cash equivalents Investments Accounts receivable Inventories 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 Total assets Current liabilities Short-term borrowings Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Total current liabilities Long-term debt Long-term accrued compensation Long-term accrued income taxes Long-term deferred tax liabilities Other long-term liabilities Total liabilities Shareholders' equity Ordinary shares Retained earnings Accumulated other comprehensive (loss) Total shareholders' equity Total liabilities and shareholders' equity
