Answered step by step
Verified Expert Solution
Question
1 Approved Answer
orecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC . Note: Complete the entire question using the
orecast Income Statement and Balance Sheet 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 Net sales $ Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges, net Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax provision Net income Net income loss attributable to noncontrolling interests Net income attributable to Medtronic $ Medtronic PLC Consolidated Balance Sheet $ millions April Current assets Cash and cash equivalents $ Investments Accounts receivable, net Inventories, net Other current assets Total current assets Property, plant, and equipment, net Goodwill Other intangible assets, net Tax assets Other assets Total assets $ Current liabilities Current debt obligations $ Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Total current liabilities Longterm debt Accrued compensation and retirement benefits Accrued income taxes Deferred tax liabilities Other liabilities Total liabilities Shareholders equity Ordinary shares Additional paidin capital Retained earnings Accumulated other comprehensive loss Total shareholders equity Noncontrolling interests Total equity Total liabilities and equity $ Income Statement Balance Sheet Use the following assumptions to prepare a forecast of the companys income statement for fiscal year 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 growth Cost of products sold of net sales Research and development expense of net sales Selling, general, and administrative expense of net sales Amortization of intangible assets of net sales Restructuring charges, net of restructuring expense Certain litigation charges, net $ 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 of pretax income Income attributable to noncontrolling interests No change in $ amount Medtronic PLC Consolidated Statement of Income $ millions For Fiscal Year Ended Net sales Answer Costs and expenses Cost of products sold Answer Research and development expense Answer Selling, general, and administrative expense Answer Amortization of intangible assets Answer Restructuring charges, net Answer Certain litigation charges, net Answer Other operating expense, net Answer Operating profit Answer Other nonoperating income, net Answer Interest expense Answer Income before income taxes Answer Income tax provision Answer Net income Answer Net income loss attributable to noncontrolling interests Answer Net income attributable to Medtronic Answer
orecast Income Statement and Balance Sheet
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
Net sales $
Costs and expenses
Cost of products sold
Research and development expense
Selling, general, and administrative expense
Amortization of intangible assets
Restructuring charges, net
Certain litigation charges, net
Other operating expense, net
Operating profit
Other nonoperating income, net
Interest expense
Income before income taxes
Income tax provision
Net income
Net income loss attributable to noncontrolling interests
Net income attributable to Medtronic $
Medtronic PLC
Consolidated Balance Sheet
$ millions April
Current assets
Cash and cash equivalents $
Investments
Accounts receivable, net
Inventories, net
Other current assets
Total current assets
Property, plant, and equipment, net
Goodwill
Other intangible assets, net
Tax assets
Other assets
Total assets $
Current liabilities
Current debt obligations $
Accounts payable
Accrued compensation
Accrued income taxes
Other accrued expenses
Total current liabilities
Longterm debt
Accrued compensation and retirement benefits
Accrued income taxes
Deferred tax liabilities
Other liabilities
Total liabilities
Shareholders equity
Ordinary shares
Additional paidin capital
Retained earnings
Accumulated other comprehensive loss
Total shareholders equity
Noncontrolling interests
Total equity
Total liabilities and equity $
Income Statement
Balance Sheet
Use the following assumptions to prepare a forecast of the companys income statement for fiscal year
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 growth
Cost of products sold of net sales
Research and development expense of net sales
Selling, general, and administrative expense of net sales
Amortization of intangible assets of net sales
Restructuring charges, net of restructuring expense
Certain litigation charges, net $ 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 of pretax income
Income attributable to noncontrolling interests No change in $ amount
Medtronic PLC
Consolidated Statement of Income
$ millions
For Fiscal Year Ended
Net sales
Answer
Costs and expenses
Cost of products sold
Answer
Research and development expense
Answer
Selling, general, and administrative expense
Answer
Amortization of intangible assets
Answer
Restructuring charges, net
Answer
Certain litigation charges, net
Answer
Other operating expense, net
Answer
Operating profit
Answer
Other nonoperating income, net
Answer
Interest expense
Answer
Income before income taxes
Answer
Income tax provision
Answer
Net income
Answer
Net income loss attributable to noncontrolling interests
Answer
Net income attributable to Medtronic
Answer
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
