Forecast an Income Statement Following is the income statement for…

/in /by

Question Answered step-by-step Forecast an Income Statement Following is the income statement for… Forecast an Income StatementFollowing is the income statement for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year EndedApril 26, 2019Net sales$30,557Costs and expenses Cost of products sold9,155Research and development expense2,330Selling, general, and administrative expense10,418Amortization of intangible assets1,764Restructuring charges, net198Certain litigation charges, net166Other operating expense, net258Operating profit6,268Other nonoperating income, net373Interest expense1,444Income before income taxes5,197Income tax provision547Net income4,650Net income loss attributable to noncontrolling interests19Net income attributable to Medtronic$ 4,631 Use the following assumptions to forecast of the company’s income statement for FY2020.  Net sales increase8%Cost of products sold30.8% of net salesResearch and development expense7.6% of net salesSelling, general, and administrative expense34.1% of net salesAmortization of intangible assets5.8% of net salesRestructuring charges, net75% of 2019 restructuring expenseCertain litigation charges, net$150 millionOther operating expense, netNo change in $ amountInterest expense.No change in $ amountIncome tax provision15% of pretax incomeIncome attributable to noncontrolling interestsNo change  Instructions: Round answers to the nearest whole number.Use rounded answers for any subsequent computations.Do not use negative signs with any of your answers. MEDTRONIC PLCForecasted Income Statement April 2020Net sales Costs and expenses Cost of products sold Research and development expense Selling, general, and administrative expense Amortization of intangible assets Restructuring charges, net Certain litigation charges, net Other operating expense, net Operating profit Other nonoperating income, net Interest expense Income before income taxes Income tax provision Net income Net income attributable to noncontrolling interests Net income attributable to Medtronic  Business Finance ACG 5175 Share QuestionEmailCopy link Comments (0)