Refine Assumptions for PPE Forecast Provided below is FY2016 information for Medtronic PLC. Medtronic plc Consolidated Statement of Income ($ millions) Apr. 29, 2016 Net sales $29,499 Costs and expenses Cost of products sold 9,142 Research and development expenses 2,224 Selling, general, and administrative expense 9,469 Special charges (gains), net 70 Restructuring charge, net 290 Certain litigation charges, net 26 Acquisition-related items 283 Amortization of intangiable assets 1,931 Other expense, net 107 Operating profit 5,957 Interest expense, net 955 Income from operations before income taxes 5,002 Provision for income taxes 950 Net income $4,052 Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $3,042 $5,009 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 23,766 31,010 Property, plant, and equipment, net 5,007 4,865 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 $100,114 $107,017 Current liabilities Short-term borrowings $1,159 $2,600 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 7,331 9,339 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 47,885 53,621 Shareholders' equity Ordinary shares - - Retained earnings 54,097 54,580 Accumulated other comprehensive (loss) (1,868) (1,184) Total shareholders' equity 52,229 53,396 Total liabilities and shareholders' equity $100,114 $107,017 a. Use the financial statements along with the additional information below to forecast property, plant and equipment, net for FY2017. CAPEX in FY2016 $1,101 million Depreciation expense in FY2016 945 million Forecasted FY2017 net sales 35,842 million Round to the nearest million. Forecasted PPE, net for FY2017 $Answer million b. Suppose the company discloses in a press release that accompanies its year-end SEC filing that anticipated CAPEX for FY2017 is $1.5 billion. Use the guidance to refine your forecast of property, plant and equipment, net for FY2017. $Answer million Skip Assignment navigation ASSIGNMENT NAVIGATION Finish attempt ... ACCT551:1WW-Accounting for Managers Su 18 Grades Module 1 Financial Accounting for MBAs Module 2 Introducing Financial Statements Module 3 Transactions, Adjustments, and Financial Statements Module 11 Cash Flows Module 12 Financial Statement Forecasting Module 14 Managerial Accounting for MBAs Module 15 Cost Behavior, Activity Analysis, and Cost Estimation Appendix C - OPTIONAL My Subscriptions Site home Calendar Private files My courses More... Copyright 2018 Cambridge Business Publishers , All Rights Reserved | Terms of Use | Privacy Policy | Return Policy | User Guide | Browser Support