Analyze, Forecast, and Interpret Income Statement and Balance Sheet

Following are the income statement and balance sheet of ADP Inc.

Total revenues	12,191.0
Operating expenses	6,145.0
Systems development and programming costs	636.3
Depreciation and amortization	304.4
Total cost of revenues	7,085.7
Selling, general, and administrative expenses	2,635.0
Interest expense	112.0
Total expenses	9,832.7
Other (income) expense, net	(96.0)
Earnings before income taxes	2,454.3
Provision for income taxes	712.8
Net earnings	1,741.5

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Current assets
Cash and cash equivalents	1,676.0
Accounts receivable, net	2,439.3
Other current assets	519.6
Total current assets before funds held for clients	4,634.9
Funds held for clients	25,313.0
Total current assets	29,947.9
Long-term receivables, net	23.8
Capitalized contract cost, net	2,428.5
Other assets	934.4
Goodwill	2,323.0
Intangible assets, net	1,071.5
Total assets	37,386.1
Current liabilities
Accounts payable	125.5
Accrued expenses and other current liabilities	1,513.0
Accrued payroll and payroll-related expenses	721.1
Dividends payable	292.0
Short-term deferred revenues	220.7
Obligations under reverse repurchase agreements	262.0
Income taxes payable	54.8
Total current liabilities before client funds obligations	3,189.1
Client funds obligations	25,064.0
Total current liabilities	28,253.1
Long-term debt	2,002.2
Other liabilities	687.0
Deferred income taxes	659.9
Long-term deferred revenues	399.3
Total liabilities	32,001.5
Shareholders' equity
Preferred stock, $1.00 par value; Authorized, 0.3 shares; issued , none
Common stock, $0.10 par value; Authorized, 1,000.0 shares;
issued, 638.7 shares; outstanding 434.2 shares	63.9
Capital in excess of par value	1,167.9
Retained earnings	17,500.6
Treasury stock, at cost: 204.5 shares	(13,090.5)
Accumulated other comprehensive loss	(257.3)
Total stockholders' equity	5,384.6
Total liabilities and stockholders' equity	37,386.1

Assumptions:

Total revenue growth	13.00%	growth
CAPEX as a percentage of total revenue	1.10%	% of total revenue
Depreciation	$184.4	million
Acquired intangibles as a percentage of total revenue	2.90%	% of total revenue
Amortization	$276.1	million
Provision for income taxes	25.00%	% percentage of earnings before income taxes in 2020
Taxes payable	7.70%	% of provision for income taxes in 2020
Stock-based compensation	$167.3	increases
Stock repurchases	$750.0	million
Dividends	$1,389.4	million
Dividends payable	26.30%	% of dividends
Goodwill, long-term debt, preferred stock, common stock, and Accumulated other comprehensive loss		No change in $ amount
All other percentages are based on historic percent of total revenues

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AUTOMATIC DATA PROCESSING INC. Balance Sheet \$ millions June 30,2020 Current assets