Forecast the Statement of Cash Flows

Following are the income statement and balance sheet for Medtronic PLC$.$

Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places.

Medtronic PLC

Consolidated Statement of Income

$ millions, For Fiscal Year Ended April $26,2019$

Net sales $$31,170$

Costs and expenses

Cost of products sold $9,155$

Research and development expense $2,943$

Selling, general, and administrative expense $10,418$

Amortization of intangible assets $2,377$

Restructuring charges, net $198$

Certain litigation charges, net $166$

Other operating expense, net $258$

Operating profit $5,655$

Other nonoperating income, net $(373)$

Interest expense $2,057$

Income before income taxes $3,971$

Income tax provision $547$

Net income $3,424$

Net income loss attributable to noncontrolling interests $(19)$

Net income attributable to Medtronic $$3,405$

Medtronic PLC

Consolidated Balance Sheet

$ millions April $26,2019$

Current assets

Cash and cash equivalents $$4,393$

Investments $6,068$

Accounts receivable, net $6,222$

Inventories, net $4,366$

Other current assets $2,144$

Total current assets $23,193$

Property, plant, and equipment, net $4,675$

Goodwill $40,572$

Other intangible assets, net $20,560$

Tax assets $1,519$

Other assets $1,014$

Total assets $$91,533$

Current liabilities

Current debt obligations $$838$

Accounts payable $2,566$

Accrued compensation $2,189$

Accrued income taxes $1,180$

Other accrued expenses $2,925$

Total current liabilities $9,698$

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 $40,708$

Shareholders$$ equity

Ordinary shares $0$

Additional paid$-$in capital $27,145$

Retained earnings $26,270$

Accumulated other comprehensive loss $(2,711)$

Total shareholders$$ equity $50,704$

Noncontrolling interests $121$

Total equity $50,825$

Total liabilities and equity $$91,533$

Prepare a forecast of the FY$2020$ statement of cash flows using the provided financial information and following assumptions.

Note: Complete the entire question in Excel $($template provided above$).$ Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with $\_$two decimal places$\_.$

Note: Use negative signs with answers, when appropriate.

Income statement assumptions

Net sales increase $8\%$ growth

Cost of products sold $30\mathrm{.}0\%$ of net sales

Research and development expense $7\mathrm{.}6\%$ of net sales

Selling, general, and administrative expense $34\mathrm{.}1\%$ of net sales

Amortization of intangible assets $5\mathrm{.}8\%$ of net sales

Restructuring charges, net $75\%$ of $2019$ restructuring expense

Certain litigation charges, net $$150$ million

Other operating expense, net No change in $ amount

Other nonoperating income, net No change in $ amount

Interest expense No change in $ amount

Income tax provision $15\%$ of pretax income

Income attributable to noncontrolling interests No change in $ amount

Balance sheet assumptions

Investments No change

Accounts receivable, less allowance $20\mathrm{.}4\%$ of net sales

Inventories, net $12\mathrm{.}3\%$ of net sales

Other current assets $7\%$ of net sales

Goodwill No change

Tax assets $5\%$ of net sales

Other assets $3\mathrm{.}3\%$ of net sales

Accounts payable $6\mathrm{.}4\%$ of net sales

Accrued compensation $($current liability$)7\mathrm{.}2\%$ of net sales

Accrued compensation and retirement benefits $($noncurrent liability$)$ No change

Accrued income taxes $($current liability$)1\mathrm{.}9\%$ of net sales

Other accrued expenses $9\mathrm{.}6\%$ of net sales

Accrued income taxes $($noncurrent liability$)9\mathrm{.}3\%$ of net sales

Deferred tax liabilities $4\mathrm{.}2\%$ of net sales

Other liabilities $2\mathrm{.}5\%$ of net sales

Ordinary shares No change

Accumulated other comprehensive loss No change

Net income attributable to noncontrolling interest $$19$ million

Dividends in FY$2020$ $$2,853$ million

CAPEX in FY$2019$ $$1,134$ $million, forecast CAPEX at historic $\%$ of net sales

Depreciation expense in FY$2020$ $$950$ million

Amortization expense in FY$2020$ $$2,527$ million

Debt due in FY$2020$ $$838$ million

Debt due in FY$2021$ $$2,058$ million

Medtronic PLC

Forecasted Statement of Cash Flows

For year ended

$($$ millions$)2020$

Net income $($before non$-$controlling interest$)$ Answer

$0$

Add: Depreciation Answer

$0$

Add: Amortization Answer

$0$

Change in Accounts receivable Answer

$0$

Change in Inventories, net Answer

$0$

Change in Other current assets Answer

$0$

Change in Tax assets Answer

$0$

Change in Other assets Answer

$0$

Change in Accounts payable Answer

$0$

Change in Accrued compensation Answer

$0$

Change in Accrued income taxes Answer

$0$

Change in Other accrued expenses Answer

$0$

Change in Accrued income taxes Answer

$0$

Change in Deferred tax liabilities Answer

$0$

Change in Other liabilities Answer

$0$

Net cash from operating activities Answer

$0$

Capita