Forecast the Balance Sheet Following is the balance sheet for…

Forecast the Balance Sheet

Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016.

Medtronic plc
Consolidated Balance Sheets
($ millions)Apr. 29, 2016Apr. 24, 2015
Current assets
Cash and cash equivalents$3,332$4,843
Investments9,75814,637
Accounts receivable5,5625,112
Inventories3,4733,463
Tax assets6971,335
Prepaid expenses and other current assets1,2341,454
Total current assets24,05630,844
Property, plant, and equipment, net4,8414,699
Goodwill41,50040,530
Other intangible assets, net26,89928,101
Long-term tax assets1,383774
Other assets1,5591,737
Total assets$100,238$106,685
Current liabilities
Short-term borrowings$1,449$2,434
Accounts payable1,7091,610
Accrued compensation1,7121,611
Accrued income taxes566935
Deferred tax liabilities119
Other accrued expenses2,1852,464
Total current liabilities7,6219,173
Long-term debt30,24733,752
Long-term accrued compensation1,7591,535
Long-term accrued income taxes2,9032,476
Long-term deferred tax liabilities3,7294,700
Other long-term liabilities1,9161,819
Total liabilities48,17553,455
Shareholders’ equity
Ordinary shares
Retained earnings53,93154,414
Accumulated other comprehensive (loss)(1,868)(1,184)
Total shareholders’ equity52,06353,230
Total liabilities and shareholders’ equity$100,238$106,685

 

Use the following assumptions to forecast the company’s balance sheet for FY2017.

Forecasted FY2017 net income$5,644 million
Forecasted FY2017 net sales$39,743 million
Accounts receivable19.3% of net sales
Inventories12.0% of net sales
Tax assets2.4% of net sales
Prepaid expenses and other current assets4.3% of net sales
Long-term tax assets4.8% of net sales
Other assets5.4% of net sales
Accounts payable5.9% of net sales
Accrued compensation5.9% of net sales
Accrued income taxes2.0% of net sales
Other accrued expenses7.6% of net sales
Long-term accrued income taxes10.1% of net sales
Long-term deferred tax liabilities12.9% of net sales
Other long-term liabilities6.6% of net sales
InvestmentsNo change
GoodwillNo change
Long-term accrued compensation and retirement benefitsNo change
Ordinary sharesNo change
Accumulated other comprehensive (loss)No change
CAPEX3.6% of net sales
Depreciation expense18.9% of prior year PPE, net
Amortization expense in FY2016$1,931 million
Current maturities of debt due in FY2017$1,449 million
Current maturities of debt due in FY2018$6,176 million
Dividend payout ratio60.5%

 

Round your answers to the nearest whole number.

Use a negative sign with your Accumulated other comprehensive loss answer.

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