VIPSolutionsGive step-by-step solution with explanation and final answer: Following are the income statement and balance sheet for Medtronic PLC for the fiscal year ( FY ) ended April 2 9 , FY 1 , and a forecasted income statement and balance sheet for FY 2 . Begin with forecasted Net income of $ 8 , 3 7 8 million and prepare the operating activities section of a forecasted statement of cash flows for April 3 0 , FY 2 , using the indirect method. Operating expenses ( such as cost of sales and selling, general, and administrative expenses ) for FY 2 include estimated depreciation expense of $ 1 , 6 2 0 million. Estimated FY 2 retained earnings reflects dividends of $ 4 , 8 5 0 million.Following are the income statement and balance sheet for Medtronic PLC Net sales $51,947 $56,103 Costs and expenses: Cost of products sold 15564 16,830 Research and development expense 3961 4264 Selling, general, and administrative expense 12711 13132 Amortization of intangible assets 2999 3.254 Restructuring charges, net EA Certain litigation charges, net 82 255 Other operating expense, net 433 a3 Operating profit loss) 10654 11,676 Other nonoperating income, net (624) (634) Interest expense 2455 2455 Income (loss) before income taxes 8833 855 Income tax provision 930 147 Net income (loss) 7903 8376 Net (income) loss attributable to noncontroling interests (32) (32) Net income (loss) attribucable to Medtronic 57.871 $8344 Current asses Cash and cash equivalents 57468 $12133 Investments 9274 3.274 Accounts receivable, net 10577 11.444 Inventories, net 6380 6900 Other current assets 3645 3.927 Total current asses 37344 43678 Property, plant, and equipment, net 7948 8415 Goodwill 67930 67.930 Other intangible assets, net 34952 31.608 Tax assets 2582 2805 Other assets 1724 1850 Total assets $152,480 $156,377 Current liabilities Current debe obligations $1425 $3499 ‘Accounts payable 3320 3500 ‘Accrued compensation 3721 403 Accrued income taxes 964 1,066 Other accrued expenses ag7a 538 Total currencliabilities 14403 17580 Long-term debt aas 38128 ‘Accrued compensation and retirement benefits 2807 2807 ‘Accrued income taxes 48s 5217 Deferred tax liabilities 2473 2.3% Other lilies 1287 1.403 Total lihilities 62121 67491 Shareholders’ equity Ordinary shares— par value $0.0001, 26 billion shares authorized, 1,340,607,595 shares issued and outstanding ‘Additional paickin capital as104 as104 Retained earnings aag59 ag15a Accumulated other comprehensive loss @503) (4609) Total shareholders’ equity, 85154 88,649 Noncontrolling incerests 06 238 Total ecuity 85350 88.887 Total liabilities and equity 152481 $156,278 Statement of Cash Flows - Operating Section (millions) Net income (before non-controlling interest) $8378 Add (Deduct) reconciling items: vi
Question:
Give step-by-step solution with explanation and final answer:
Following are the income statement and balance sheet for Medtronic PLC for the fiscal year
(
FY
)
ended April
2
9
,
FY
1
,
and a forecasted income statement and balance sheet for FY
2
.
Begin with forecasted Net income of $
8
,
3
7
8
million and prepare the operating activities section of a forecasted statement of cash flows for April
3
0
,
FY
2
,
using the indirect method. Operating expenses
(
such as cost of sales and selling, general, and administrative expenses
)
for FY
2
include estimated depreciation expense of $
1
,
6
2
0
million. Estimated FY
2
retained earnings reflects dividends of $
4
,
8
5
0
million.
Following are the income statement and balance sheet for Medtronic PLC
Net sales $51,947 $56,103
Costs and expenses:
Cost of products sold 15564 16,830
Research and development expense 3961 4264
Selling, general, and administrative expense 12711 13132
Amortization of intangible assets 2999 3.254
Restructuring charges, net EA
Certain litigation charges, net 82 255
Other operating expense, net 433 a3
Operating profit loss) 10654 11,676
Other nonoperating income, net (624) (634)
Interest expense 2455 2455
Income (loss) before income taxes 8833 855
Income tax provision 930 147
Net income (loss) 7903 8376
Net (income) loss attributable to noncontroling interests (32) (32)
Net income (loss) attribucable to Medtronic 57.871 $8344
Current asses
Cash and cash equivalents 57468 $12133
Investments 9274 3.274
Accounts receivable, net 10577 11.444
Inventories, net 6380 6900
Other current assets 3645 3.927
Total current asses 37344 43678
Property, plant, and equipment, net 7948 8415
Goodwill 67930 67.930
Other intangible assets, net 34952 31.608
Tax assets 2582 2805
Other assets 1724 1850
Total assets $152,480 $156,377
Current liabilities
Current debe obligations $1425 $3499
‘Accounts payable 3320 3500
‘Accrued compensation 3721 403
Accrued income taxes 964 1,066
Other accrued expenses ag7a 538
Total currencliabilities 14403 17580
Long-term debt aas 38128
‘Accrued compensation and retirement benefits 2807 2807
‘Accrued income taxes 48s 5217
Deferred tax liabilities 2473 2.3%
Other lilies 1287 1.403
Total lihilities 62121 67491
Shareholders’ equity
Ordinary shares— par value $0.0001, 26 billion shares authorized,
1,340,607,595 shares issued and outstanding
‘Additional paickin capital as104 as104
Retained earnings aag59 ag15a
Accumulated other comprehensive loss @503) (4609)
Total shareholders’ equity, 85154 88,649
Noncontrolling incerests 06 238
Total ecuity 85350 88.887
Total liabilities and equity 152481 $156,278
Statement of Cash Flows - Operating Section
(millions)
Net income (before non-controlling interest) $8378
Add (Deduct) reconciling items:
vi
Asked by: Shikhar
Created at: 2025-09-30 06:12:53
Final Answer:
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