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.
Medtronic PLC | |
---|---|
Consolidated Statement of Income | |
$ millions, For Fiscal Year Ended | April 26, 2019 |
Net sales | $30,557 |
Costs and expenses | |
Cost of products sold | 9,155 |
Research and development expense | 979 |
Selling, general, and administrative expense | 10,418 |
Amortization of intangible assets | 1,764 |
Restructuring charges, net | 83 |
Certain litigation charges, net | 166 |
Other operating expense, net | 258 |
Operating profit | 7,734 |
Other nonoperating income, net | (157) |
Interest expense | 1,444 |
Income before income taxes | 6,447 |
Income tax provision | 547 |
Net income | 5,900 |
Net income loss attributable to noncontrolling interests | (19) |
Net income attributable to Medtronic | $5,881 |
Medtronic PLC | |
---|---|
Consolidated Balance Sheet | |
$ millions | April 26, 2019 |
Current assets | |
Cash and cash equivalents | $4,393 |
Investments | 5,455 |
6,222 | |
Inventories, net | 3,753 |
Other current assets | 900 |
Total current assets | 20,723 |
Property, plant, and equipment, net | 4,675 |
39,959 | |
Other intangible assets, net | 20,560 |
Tax assets | 638 |
Other assets | 1,014 |
Total assets | $87,569 |
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 |
1,278 | |
Other liabilities | 318 |
Total liabilities | 39,043 |
Shareholders’ equity | |
Ordinary shares | 0 |
Additional paid-in capital | 24,846 |
26,270 | |
Accumulated other comprehensive loss | (2,711) |
Total shareholders’ equity | 48,405 |
Noncontrolling interests | 121 |
Total equity | 48,526 |
Total liabilities and equity | $87,569 |
- Income Statement
- Balance Sheet
Use the following assumptions to prepare a forecast of the company’s balance sheet 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.
Balance sheet assumptions | ||
---|---|---|
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 in FY2019 | $1,134 | $million, forecast CAPEX at historic % 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 |
Medtronic PLC | ||
---|---|---|
Consolidated Balance Sheet | ||
$ millions | 2020 | |
Current assets | ||
Cash and cash equivalents | Answer
|
|
Investments | Answer
|
|
Accounts receivable, net | Answer
|
|
Inventories, net | Answer
|
|
Other current assets | Answer
|
|
Total current assets | Answer
|
|
Property, plant, and equipment, net | Answer
|
|
Goodwill | Answer
|
|
Other intangible assets, net | Answer
|
|
Tax assets | Answer
|
|
Other assets | Answer
|
|
Total assets | Answer
|
|
Current liabilities | ||
Current debt obligations | Answer
|
|
Accounts payable | Answer
|
|
Accrued compensation | Answer
|
|
Accrued income taxes | Answer
|
|
Other accrued expenses | Answer
|
|
Total current liabilities | Answer
|
|
Long-term debt | Answer
|
|
Accrued compensation and retirement benefits | Answer
|
|
Accrued income taxes | Answer
|
|
Deferred tax liabilities | Answer
|
|
Other liabilities | Answer
|
|
Total liabilities | Answer
|
|
Shareholders’ equity | ||
Ordinary shares | Answer
|
|
Additional paid-in capital | Answer
|
|
Retained earnings | Answer
|
|
Accumulated other comprehensive loss | Answer
|
|
Total shareholders’ equity | Answer
|
|
Noncontrolling interests | Answer
|
|
Total equity | Answer
|
|
Total liabilities and equity | Answer
|
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
- Begin by calculating the gross profit for each year, then prepare a horizontal analysis of revenues and gross profitlong dash—both in dollar amounts and in percentageslong dash—for 20192019 and 20182018. (Enter amounts in millions as provided to you in the problem statement. Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.) McDonald Corp. Income Statement - (Partial) Years Ended December 31, 2019 and 2018 (Amounts in millions) 2019 2018 2017 Revenues $9,575 $9,300 $8,975 Cost of Goods Sold 6,250 6,000 5,890 Gross Profitarrow_forwardOperating data for Coronado Corporation are presented as follows. 2022 2021 Net sales $754,000 $595,000 Cost of goods sold 468,234 391,510 Selling expenses 125,164 67,830 Administrative expenses 63,336 55,930 Income tax expense 35,438 27,965 Net income 61,828 51,765 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.)arrow_forwardssarrow_forward
- Forecast an Income StatementSeagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $20,780 Cost of revenue 14,916 Product development 1982 Marketing and administrative 906 Amortization of intangibles 46 Restructuring and other, net (44) Total operating expenses 17,806 Income from operations 2,974 Interest income 168 Interest expense (448) Other, net 50 Other expense, net (230) Income before income taxes 2,744 (Benefit) provision for income taxes (1,280) Net income $4,024 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change…arrow_forwardAbbott Laboratories’ Consolidated Statements of Earnings for the 3 fiscal year’s ending December 31, 2019. Required: Using the attached earnings statement, for each period presented, Compute the gross margin % Note: Gross margin % = [(Net sales – Cost of products sold)/Net sales] x 100 Compute the net profit margin on sales % Note: Net profit margin % = (Net earnings/Net sales) x 100 Considering the 3-year trend for a. and b. above, provide a brief comment about the company’s performance for: Gross margin % and Net profit margin %.arrow_forwardForecast 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. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…arrow_forward
- Please help me sir with thisarrow_forwardObtain Target Corporation's annual report for its 2018 fiscal year (year ended February 2, 2019) at http://investors.target.com a. What was Target's gross margin percentage for the fiscal year ended February 2, 2019 (2018) and 2017? Use "Sales" for these computations b. What was Target's Return on Sales percentage for 2018 and 2017? Use "Total Revenue" for these computations. c. Target's return on ales percentage for 2017 was higher than it was in 2018. Ignoring taxes, how much higher would Target's 2018 net income have been if it's return on sales percentage in 2018 had been the same as for 2017?arrow_forwardCalculate the average collection period ratio for Urban Outfitters for both 2018 and 2019. Be sure to round your answer to 2 decimal places.arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education