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Analyze, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance sheet of ADP Inc. begin{tabular}{|l|r|} hline Stock buy backs

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Analyze, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance sheet of ADP Inc. \begin{tabular}{|l|r|} \hline Stock buy backs & 450 \\ \hline Net cash from financing activities & 0 \\ \hline Net change in cash & 0 \\ \hline Beginning cash & 1,169.5 \\ \hline Ending cash & 0 \\ \hline \end{tabular} Assume total revenues grow by 13% in 2020 . All other percentages (other than sales growth and provision for income taxes) are based on historic percent of total revenues. - CAPEX for 2020 will be 1.1% of total revenue, and depreciation will be $110.6 million. - Goodwill, long-term debt, preferred stock, common stock, and Accumulated other comprehensive loss will not change for the year. - The company will acquire intangibles equal to 2.9% of total revenues and will record amortization expense of \$165.7 million. - Income taxes will be 25% of pretax income and income taxes payable will be 7.7% of 2020 tax expense. expenses each year. - The company will continue its stock repurchases. DP will repurchase $450 million of treasury stock. - Dividends will be $833.60 in 2020 , and dividends payable will be 26.3% of dividends. Prepare a forecast of FY2020 statement of cash flows. Note: Round your answers to one decimal place (for example, enter 14.6 for 14.55555)

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