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	$31,181
Costs and expenses
Cost of products sold	9,155
Research and development expense	2,954
Selling, general, and administrative expense	10,418
Amortization of intangible assets	2,388
Restructuring charges, net	198
Certain litigation charges, net	166
Other operating expense, net	258
Operating profit	5,644
Other nonoperating income, net	(373)
Interest expense	2,068
Income before income taxes	3,949
Income tax provision	547
Net income	3,402
Net income loss attributable to noncontrolling interests	(19)
Net income attributable to Medtronic	$3,383

Medtronic PLC
Consolidated Balance Sheet
$ millions	April 26, 2019
Current assets
Cash and cash equivalents	$4,393
Investments	6,079
Accounts receivable, net	6,222
Inventories, net	4,377
Other current assets	2,144
Total current assets	23,215
Property, plant, and equipment, net	4,675
Goodwill	40,583
Other intangible assets, net	20,560
Tax assets	1,519
Other assets	1,014
Total assets	$91,566
Current liabilities
Current debt obligations	$838
Accounts payable	2,577
Accrued compensation	2,189
Accrued income taxes	1,191
Other accrued expenses	2,925
Total current liabilities	9,720
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	40,730
Shareholders equity
Ordinary shares	0
Additional paid-in capital	27,156
Retained earnings	26,270
Accumulated other comprehensive loss	(2,711)
Total shareholders equity	50,715
Noncontrolling interests	121
Total equity	50,836
Total liabilities and equity	$91,566

Prepare a forecast of the FY2020 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	30.0%	of net sales
Research and development expense	7.6%	of net sales
Selling, general, and administrative expense	34.1%	of net sales
Amortization of intangible assets	5.8%	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	20.4%	of net sales
Inventories, net	12.3%	of net sales
Other current assets	7%	of net sales
Goodwill		No change
Tax assets	5%	of net sales
Other assets	3.3%	of net sales
Accounts payable	6.4%	of net sales
Accrued compensation (current liability)	7.2%	of net sales
Accrued compensation and retirement benefits (noncurrent liability)		No change
Accrued income taxes (current liability)	1.9%	of net sales
Other accrued expenses	9.6%	of net sales
Accrued income taxes (noncurrent liability)	9.3%	of net sales
Deferred tax liabilities	4.2%	of net sales
Other liabilities	2.5%	of net sales
Ordinary shares		No change
Accumulated other comprehensive loss		No change
Net income attributable to noncontrolling interest	$19	million
Dividends in FY2020	$2,853	million
CAPEX in FY2019	$1,134	$million, forecast CAPEX at historic % of net sales
Depreciation expense in FY2020	$950	million
Amortization expense in FY2020	$2,538	million
Debt due in FY2020	$838	million
Debt due in FY2021	$2,058	million

	Medtronic PLC
	Forecasted Statement of Cash Flows
	For year ended
	($ millions)	2020
	Net income (before non-controlling interest)	Answer
	Add: Depreciation	950
	Add: Amortization	2,538
	Change in Accounts receivable	Answer
	Change in Inventories, net	Answer
	Change in Other current assets	Answer
	Change in Tax assets	Answer
	Change in Other assets	Answer
	Change in Accounts payable	Answer
	Change in Accrued compensation	Answer
	Change in Accrued income taxes	Answer
	Change in Other accrued expenses	Answer
	Change in Accrued income taxes	Answer
	Change in Deferred tax liabilities	Answer
	Change in Other liabilities	Answer
	Net cash from operating activities	Answer
	Capital expenditures	Answer
	Net cash from investing activities	Answer
	Dividends	-2,853
	Change in current debt obligations	Answer
	Change in L-T Debt	-2,058
	Net cash from financing activities	Answer
	Net change in cash	Answer
	Beginning cash	4,393
	Ending cash	Answer