Analyze, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance sheet of ADP Inc. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. AUTOMATIC DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues $13,041.0 Operating expenses 6,574.0 Systems development and programming costs 636.3 Depreciation and amortization 304.4 Total cost of revenues 7,514.7 Selling, general, and administrative expenses 2,819.0 Interest expense 120.0 Total expenses 10,453.7 Other (income) expense, net (102.0) Earnings before income taxes 2,689.3 Provision for income taxes 712.8 Net earnings $1,976.5 AUTOMATIC DATA PROCESSING INC. Balance Sheet $ millions June 30,2019 Current assets Cash and cash equivalents $1,793.0 Accounts receivable, net 2,439.3 Other current assets 519.6 Total current assets before funds held for clients 4,751.9 Funds held for clients 27,079.0 Total current assets 31,830.9 Long-term receivables, net 23.8 Property, plant and equipment, net 703.0 Capitalized contract cost, net 2,428.5 Other assets 934.4 Goodwill 2,323.0 Intangible assets, net 1,071.5 Total assets $39,315.1 Current liabilities Accounts payable $125.5 Accrued expenses and other current liabilities 1,618.0 Accrued payroll and payroll-related expenses 721.1 Dividends payable 313.0 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 3,315.1 Client funds obligations 26,813.0 Total current liabilities 30,128.1 Long-term debt 2,002.2 Other liabilities 735.0 Deferred income taxes 659.9 Long-term deferred revenues 399.3 Total liabilities 33,924.5 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 1,173.9 Retained earnings 17,500.6 Treasury stock, at cost: 204.5 shares (13,090.5) Accumulated other comprehensive loss (257.3) Total stockholders' equity 5,390.6 Total liabilities and stockholders' equity $39,315.1 Forecast ADPs 2020 income statement and balance sheet using the following relations ($ millions). Note: Complete the entire question in Excel (template provided above). Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with _two decimal places_. Note: Use negative signs with answers, when appropriate. 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 Capital in excess of par value by the same amount. Assume that the company routinely includes this form of compensation in operating expenses each year. 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 AUTOMATIC DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2020, $ millions Total revenues Answer 14,736.33 Operating expenses Answer (6,574) Systems development and programming costs Answer (636.3) Depreciation and amortization Answer 460.5 Total cost of revenues Answer 16,209.96 Selling, general, and administrative expenses Answer 2,819 Interest expense Answer 120 Total expenses Answer 10,453.7 Other (income) expense, net Answer (102) Earnings before income taxes Answer 168.08 Provision for income taxes Answer 5,488.56 Net earnings Answer 1,976.5 AUTOMATIC DATA PROCESSING INC. Balance Sheet $ millions June 30,2020 Current assets Cash and cash equivalents Answer 1,793 Accounts receivable, net Answer 2,439 Other current assets Answer 0 Total current assets before funds held for clients Answer 0 Funds held for clients Answer 0 Total current assets Answer 0 Long-term receivables, net Answer 0 Property, plant and equipment, net Answer 0 Capitalized contract cost, net Answer 0 Other assets Answer 0 Goodwill Answer 0 Intangible assets, net Answer 0 Total assets Answer 0 Current liabilities Accounts payable Answer 0 Accrued expenses and other current liabilities Answer 0 Accrued payroll and payroll-related expenses Answer 0 Dividends payable Answer 1,389.4 Short-term deferred revenues Answer 0 Obligations under reverse repurchase agreements Answer 0 Income taxes payable Answer 0 Total current liabilities before client funds obligations Answer 0 Client funds obligations Answer 0 Total current liabilities Answer 0 Long-term debt Answer 0 Other liabilities Answer 0 Deferred income taxes Answer 0 Long-term deferred revenues Answer 0 Total liabilities Answer 0 Shareholders' equity Preferred stock, $1.00 par value; Authorized, 0.3 shares; issued , none Answer 0 Common stock, $0.10 par value; Authorized, 1,000.0 shares; issued, 638.7 shares; outstanding 434.2 shares Answer 0 Capital in excess of par value Answer 0 Retained earnings Answer 0 Treasury stock, at cost: 204.5 shares Answer 0 Accumulated other comprehensive loss Answer 0 Total stockholders' equity Answer 0 Total liabilities and stockholders' equity Answer 0