Create a forecasted balance sheet for Fiscal Year 2020 using the data provided. Following is the balance
Fantastic news! We've Found the answer you've been seeking!
Question:
Create a forecasted balance sheet for Fiscal Year 2020 using the data provided.
Following is the balance sheet for Medtronic PLC for FY2019 ended April 26, 2019.
Consolidated Balance Sheet ($ millions) | April 26, 2019 |
---|---|
Current assets | |
Cash and cash equivalents | $ 4,393 |
Investments | 5,455 |
Accounts receivable, net | 6,222 |
Inventories, net | 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 | 757 |
Total liabilities | 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 | 50,091 |
Noncontrolling interests | 121 |
Total equity | 50,212 |
Total liabilities and equity | $89,694 |
Use the following assumptions to forecast the company's balance sheet for FY2020.
Forecasted FY2020 net income | $4,927 million |
Forecasted FY2020 net sales | $33,002 million |
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 | 3.7% of net sales |
Depreciation expense in FY2020 | $950 million |
Amortization expense in FY2020 | $1,914 million |
Debt due in FY2020 | $838 million |
Debt due in FY2021 | $2,058 million |
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date: