Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic...

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Forecast 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. Net sales Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended Costs and expenses April 26, 2019 $30,557 Cost of products sold 9,155 Research and development expense 2,330 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 6,268 Other nonoperating income, net (373) Interest expense 1,444 Income before income taxes 5,197 Income tax provision 547 Net income Net income loss attributable to noncontrolling interests Net income attributable to Medtronic 4,650 (19) $4,631 Medtronic PLC Consolidated Balance Sheet $ millions Current assets April 26, 2019 Cash and cash equivalents Investments Accounts receivable, net Inventories, net $4,393 5,455 6,222 3,753 Other current assets 2,144 Total current assets 21,967 Property, plant, and equipment, net 4,675 Goodwill 39,959 Other intangible assets, net 20,560 Tax assets 1,519 Other assets 1,014 Total assets $89,694 Current liabilities Current debt obligations $838 Accounts payable 1,953 Accrued compensation 2,189 Accrued income taxes 567 Other accrued expenses 2,925 Total current liabilities 8,472 Long-term debt 24,486 Accrued compensation and retirement benefits 1,651 Accrued income taxes 2,838 Deferred tax liabilities 1,278 Other liabilities Total liabilities 757 39,482 Shareholders' equity Ordinary shares 0 Additional paid-in capital 26,532 Retained earnings 26,270 Accumulated other comprehensive loss (2,711) Total shareholders' equity Noncontrolling interests Total equity Total liabilities and equity Income Statement Balance Sheet 50,091 121 50,212 $89,694 Use the following assumptions to prepare a forecast of the company's balance sheet for fis 2020. Note: Complete the entire question in Excel (template provided above). Using Excel, f each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adj decimal places. Do not round answers. Then enter the answers into the provided spaces with _two decimal places_. Note: Use negative signs with answers, when appropriate. Investments Balance sheet assumptions Accounts receivable, less allowance Inventories, net Other current assets Goodwill Tax assets Other assets Accounts payable No change 20.4% of net sales 12.3% of net sales 7% of net sales No change 5% of net sales 3.3% of net sales 6.4% of net sales Accrued compensation (current liability) Accrued compensation and retirement benefits (noncurrent liability) 7.2% of net sales No change Accrued income taxes (current liability) Other accrued expenses Accrued income taxes (noncurrent liability) Deferred tax liabilities Other liabilities Ordinary shares Accumulated other comprehensive loss 1.9% of net sales 9.6% of net sales 9.3% of net sales 4.2% of net sales 2.5% of net sales No change No change Accumulated other comprehensive loss Net income attributable to noncontrolling interest Dividends in FY2020 CAPEX in FY2019 Depreciation expense in FY2020 Amortization expense in FY2020 Debt due in FY2020 Debt due in FY2021 No change $19 million $2,853 million $1,134 $million, forecast CAPEX at historic % of $950 million $1,914 million $838 million $2,058 million Medtronic PLC Consolidated Balance Sheet $ millions 2020 Current assets Cash and cash equivalents 0 x Investments 0 x Accounts receivable, net 0 x Inventories, net 0 x Other current assets 0 % Total current assets 0 x Property, plant, and equipment, net 0 x Goodwill 0 x Other intangible assets, net 0 x Tax assets 0 % Other assets 0 x Total assets $ 0 x Current liabilities Current debt obligations $ 0 % Accounts payable 0 x Accrued compensation 0 x Accrued income taxes 0 % Other accrued expenses 0 % Total current liabilities 0 x Long-term debt 0 x Accrued compensation and retirement benefits 0 x Accrued income taxes 0 % Deferred tax liabilities 0 x Other intangible assets, net Tax assets Other assets Total assets 0 x 0 % 0 x $ 0 % Current liabilities Current debt obligations $ 0 % Accounts payable Accrued compensation Accrued income taxes 0 x 0 x 0 x Other accrued expenses 0 % Total current liabilities 0 x Long-term debt 0 x Accrued compensation and retirement benefits 0 x Accrued income taxes 0 % Deferred tax liabilities 0 % Other liabilities Total liabilities 0 x 0 x Shareholders' equity Ordinary shares 0 Additional paid-in capital Retained earnings 0 % 0 x Accumulated other comprehensive loss 0 % Total shareholders' equity 0 x Noncontrolling interests 0 % Total equity 0 x Total liabilities and equity $ 0 % Use the following assumptions to prepare a forecast of the company's income statement for fiscal year 2020. 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 Certain litigation charges, net 75% of 2019 restructuring expense $150 million No change in $ amount Other operating expense, net Other nonoperating income, net Interest expense Income tax provision Income attributable to noncontrolling interests No change in $ amount No change in $ amount 15% of pretax income No change in $ amount Medtronic PLC Consolidated Statement of Income $ millions For Fiscal Year Ended Net sales 2020 33,002 Costs and expenses Cost of products sold 10,165 x Research and development expense 2,508 Selling, general, and administrative expense 11,254 Amortization of intangible assets 1,914 Restructuring charges, net 149 Certain litigation charges, net 150 Selling, general, and administrative expense 11,254 Amortization of intangible assets 1,914 Restructuring charges, net 149 Certain litigation charges, net 150 Other operating expense, net 258 Operating profit 6,604 x Other nonoperating income, net Interest expense Income before income taxes Income tax provision 374 x 1,444 5,534 x 830 x 4,704 x Net income Net income loss attributable to noncontrolling interests Net income attributable to Medtronic 119 x $ 4,585 x Forecast 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. Net sales Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended Costs and expenses April 26, 2019 $30,557 Cost of products sold 9,155 Research and development expense 2,330 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 6,268 Other nonoperating income, net (373) Interest expense 1,444 Income before income taxes 5,197 Income tax provision 547 Net income Net income loss attributable to noncontrolling interests Net income attributable to Medtronic 4,650 (19) $4,631 Medtronic PLC Consolidated Balance Sheet $ millions Current assets April 26, 2019 Cash and cash equivalents Investments Accounts receivable, net Inventories, net $4,393 5,455 6,222 3,753 Other current assets 2,144 Total current assets 21,967 Property, plant, and equipment, net 4,675 Goodwill 39,959 Other intangible assets, net 20,560 Tax assets 1,519 Other assets 1,014 Total assets $89,694 Current liabilities Current debt obligations $838 Accounts payable 1,953 Accrued compensation 2,189 Accrued income taxes 567 Other accrued expenses 2,925 Total current liabilities 8,472 Long-term debt 24,486 Accrued compensation and retirement benefits 1,651 Accrued income taxes 2,838 Deferred tax liabilities 1,278 Other liabilities Total liabilities 757 39,482 Shareholders' equity Ordinary shares 0 Additional paid-in capital 26,532 Retained earnings 26,270 Accumulated other comprehensive loss (2,711) Total shareholders' equity Noncontrolling interests Total equity Total liabilities and equity Income Statement Balance Sheet 50,091 121 50,212 $89,694 Use the following assumptions to prepare a forecast of the company's balance sheet for fis 2020. Note: Complete the entire question in Excel (template provided above). Using Excel, f each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adj decimal places. Do not round answers. Then enter the answers into the provided spaces with _two decimal places_. Note: Use negative signs with answers, when appropriate. Investments Balance sheet assumptions Accounts receivable, less allowance Inventories, net Other current assets Goodwill Tax assets Other assets Accounts payable No change 20.4% of net sales 12.3% of net sales 7% of net sales No change 5% of net sales 3.3% of net sales 6.4% of net sales Accrued compensation (current liability) Accrued compensation and retirement benefits (noncurrent liability) 7.2% of net sales No change Accrued income taxes (current liability) Other accrued expenses Accrued income taxes (noncurrent liability) Deferred tax liabilities Other liabilities Ordinary shares Accumulated other comprehensive loss 1.9% of net sales 9.6% of net sales 9.3% of net sales 4.2% of net sales 2.5% of net sales No change No change Accumulated other comprehensive loss Net income attributable to noncontrolling interest Dividends in FY2020 CAPEX in FY2019 Depreciation expense in FY2020 Amortization expense in FY2020 Debt due in FY2020 Debt due in FY2021 No change $19 million $2,853 million $1,134 $million, forecast CAPEX at historic % of $950 million $1,914 million $838 million $2,058 million Medtronic PLC Consolidated Balance Sheet $ millions 2020 Current assets Cash and cash equivalents 0 x Investments 0 x Accounts receivable, net 0 x Inventories, net 0 x Other current assets 0 % Total current assets 0 x Property, plant, and equipment, net 0 x Goodwill 0 x Other intangible assets, net 0 x Tax assets 0 % Other assets 0 x Total assets $ 0 x Current liabilities Current debt obligations $ 0 % Accounts payable 0 x Accrued compensation 0 x Accrued income taxes 0 % Other accrued expenses 0 % Total current liabilities 0 x Long-term debt 0 x Accrued compensation and retirement benefits 0 x Accrued income taxes 0 % Deferred tax liabilities 0 x Other intangible assets, net Tax assets Other assets Total assets 0 x 0 % 0 x $ 0 % Current liabilities Current debt obligations $ 0 % Accounts payable Accrued compensation Accrued income taxes 0 x 0 x 0 x Other accrued expenses 0 % Total current liabilities 0 x Long-term debt 0 x Accrued compensation and retirement benefits 0 x Accrued income taxes 0 % Deferred tax liabilities 0 % Other liabilities Total liabilities 0 x 0 x Shareholders' equity Ordinary shares 0 Additional paid-in capital Retained earnings 0 % 0 x Accumulated other comprehensive loss 0 % Total shareholders' equity 0 x Noncontrolling interests 0 % Total equity 0 x Total liabilities and equity $ 0 % Use the following assumptions to prepare a forecast of the company's income statement for fiscal year 2020. 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 Certain litigation charges, net 75% of 2019 restructuring expense $150 million No change in $ amount Other operating expense, net Other nonoperating income, net Interest expense Income tax provision Income attributable to noncontrolling interests No change in $ amount No change in $ amount 15% of pretax income No change in $ amount Medtronic PLC Consolidated Statement of Income $ millions For Fiscal Year Ended Net sales 2020 33,002 Costs and expenses Cost of products sold 10,165 x Research and development expense 2,508 Selling, general, and administrative expense 11,254 Amortization of intangible assets 1,914 Restructuring charges, net 149 Certain litigation charges, net 150 Selling, general, and administrative expense 11,254 Amortization of intangible assets 1,914 Restructuring charges, net 149 Certain litigation charges, net 150 Other operating expense, net 258 Operating profit 6,604 x Other nonoperating income, net Interest expense Income before income taxes Income tax provision 374 x 1,444 5,534 x 830 x 4,704 x Net income Net income loss attributable to noncontrolling interests Net income attributable to Medtronic 119 x $ 4,585 x