Forecast the Balance Sheet | Balance Sheet For Medtronic PLC

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

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, 2016 Apr. 24, 2015
Current assets
Cash and cash equivalents $2,988 $4,843
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 23,712 30,844
Property, plant, and equipment, net 4,841 4,699
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 $99,894 $106,685
Current liabilities
Short-term borrowings $1,105 $2,434
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 7,277 9,173
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 47,831 53,455
Shareholders’ equity
Ordinary shares
Retained earnings 53,931 54,414
Accumulated other comprehensive (loss) (1,868) (1,184)
Total shareholders’ equity 52,063 53,230
Total liabilities and shareholders’ equity $99,894 $106,685

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

Forecasted FY2017 net income $5,151 million
Forecasted FY2017 net sales $36,274 million
Accounts receivable 19.3% of net sales
Inventories 12.0% of net sales
Tax assets 2.4% of net sales
Prepaid expenses and other current assets 4.3% of net sales
Long-term tax assets 4.8% of net sales
Other assets 5.4% of net sales
Accounts payable 5.9% of net sales
Accrued compensation 5.9% of net sales
Accrued income taxes 2.0% of net sales
Other accrued expenses 7.6% of net sales
Long-term accrued income taxes 10.1% of net sales
Long-term deferred tax liabilities 12.9% of net sales
Other long-term liabilities 6.6% of net sales
Investments No change
Goodwill No change
Long-term accrued compensation and retirement benefits No change
Ordinary shares No change
Accumulated other comprehensive (loss) No change
CAPEX 3.6% of net sales
Depreciation expense 18.9% of prior year PPE, net
Amortization expense in FY2016 $1,931 million
Current maturities of debt due in FY2017 $1,105 million
Current maturities of debt due in FY2018 $6,176 million
Dividend payout ratio 60.5%
  • Round your answers to the nearest whole number.
  • Do not use negative signs with any of your answers.
Medtronic plc
Forecasted Consolidated Balance Sheet
($ millions) EST. 2017
Current assets
Cash and cash equivalents $Answer 1959

 

Investments Answer 9758

 

Accounts receivable Answer 7001

 

Inventories Answer 4353

 

Tax assets Answer 871

 

Prepaid expenses and other current assets Answer 1560

 

Total current assets Answer 21584

 

Property, plant, and equipment, net Answer 5232

 

Goodwill Answer 41500

 

Other intangible assets, net Answer 24968

 

Long-term tax assets Answer 1741

 

Other assets Answer 1959

 

Total assets $Answer 96984

 

Current liabilities
Short-term borrowings $Answer 6176

 

Accounts payable Answer 2140

 

Accrued compensation Answer 2140

 

Accrued income taxes Answer 725

 

Other accrued expenses Answer 2757

 

Total current liabilities Answer 13938

 

Long-term debt Answer 24071

 

Long-term accrued compensation Answer 1759

 

Long-term accrued income taxes Answer 3664

 

Long-term deferred tax liabilities Answer 4679

 

Other long-term liabilities Answer 2494

 

Total liabilities Answer 50505

 

Shareholders’ equity
Ordinary shares
Retained earnings Answer 55966

 

Accumulated other comprehensive (loss) Answer 1868

 

Total shareholders’ equity Answer 54098

 

Total liabilities and shareholders’ equity $Answer 104603

 

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