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(Solved): . Forecast an Income Statement ADP reports the following income statement. AUTOMATIC DATA PROCESSING ...



. Forecast an Income Statement ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues Operating expenses. Systems development and programming costs Depreciation and amortization $14,175.2 7,145.9 636.3 304.4 Total cost of revenues Selling, general, and administrative expenses. Interest expense. . Total expenses.. Other (income) expense, net Earnings before income taxes Provision for income taxes. Net earnings 8,086.6 3,064.2 129.9 11,280.7 (111.1) 3,005.6 712.8 $ 2,292.8 Forecast ADP's 2020 income statement assuming the following income statement relations. All percent- ages (other than total revenue growth and provision for income taxes) are based on historic percent of total revenues. Total revenues growth Depreciation and amortization Interest expense. Other (income) expense, net Income tax rate.. 13% $460.5 million No change No change 25%



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