Analyze, Forecast, and Interpret Income Statements and Balance Sheet

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

Note: Complete the entire question. 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	$11,624.0
Operating expenses	5,860.0
Systems development and programming costs	636.3
Depreciation and amortization	304.4
Total cost of revenues	6,800.7
Selling, general, and administrative expenses	2,513.0
Interest expense	107.0
Total expenses	9,420.7
Other (income) expense, net	(91.0)
Earnings before income taxes	2,294.3
Provision for income taxes	712.8
Net earnings	$1,581.5

AUTOMATIC DATA PROCESSING INC.
Balance Sheet
$ millions	June 30,2019
Current assets
Cash and cash equivalents	$1,598.0
Accounts receivable, net	2,439.3
Other current assets	519.6
Total current assets before funds held for clients	4,556.9
Funds held for clients	24,136.0
Total current assets	28,692.9
Long-term receivables, net	23.8
Property, plant and equipment, net	627.0
Capitalized contract cost, net	2,428.5
Other assets	934.4
Goodwill	2,323.0
Intangible assets, net	1,071.5
Total assets	$36,101.1
Current liabilities
Accounts payable	$125.5
Accrued expenses and other current liabilities	1,442.0
Accrued payroll and payroll-related expenses	721.1
Dividends payable	279.0
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	3,105.1
Client funds obligations	23,898.0
Total current liabilities	27,003.1
Long-term debt	2,002.2
Other liabilities	655.0
Deferred income taxes	659.9
Long-term deferred revenues	399.3
Total liabilities	30,719.5
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	1,164.9
Retained earnings	17,500.6
Treasury stock, at cost: 204.5 shares	(13,090.5)
Accumulated other comprehensive loss	(257.3)
Total stockholders' equity	5,381.6
Total liabilities and stockholders' equity	$36,101.1

Forecast ADPs 2020 income statement and balance sheet using the following relations ($ millions). 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
	Operating expenses
	Systems development and programming costs
	Depreciation and amortization
	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

	AUTOMATIC DATA PROCESSING INC.
	Balance Sheet
	$ millions	June 30,2020
	Current assets
	Cash and cash equivalents
	Accounts receivable, net
	Other current assets
	Total current assets before funds held for clients
	Funds held for clients
	Total current assets
	Long-term receivables, net
	Property, plant and equipment, net
	Capitalized contract cost, net
	Other assets
	Goodwill
	Intangible assets, net
	Total assets
	Current liabilities
	Accounts payable
	Accrued expenses and other current liabilities
	Accrued payroll and payroll-related expenses
	Dividends payable
	Short-term deferred revenues
	Obligations under reverse repurchase agreements
	Income taxes payable
	Total current liabilities before client funds obligations
	Client funds obligations
	Total current liabilities
	Long-term debt
	Other liabilities
	Deferred income taxes
	Long-term deferred revenues
	Total liabilities
	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
	Capital in excess of par value
	Retained earnings
	Treasury stock, at cost: 204.5 shares
	Accumulated other comprehensive loss
	Total stockholders' equity
	Total liabilities and stockholders' equity