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

DATA PROCESSING INC.
Statement of Consolidated Earnings
For Year Ended June 30, 2019, $ millions
Total revenues	$17,010.2
Operating expenses	8,575.1
Systems development and programming costs	763.6
Depreciation and amortization	365.3
Total cost of revenues	9,704.0
Selling, general, and administrative expenses	3,677.0
Interest expense	155.9
Total expenses	13,536.9
Other (income) expense, net	(133.3)
Earnings before income taxes	3,606.6
Provision for income taxes	855.4
Net earnings	$2,751.2

DATA PROCESSING INC.
Balance Sheet
$ millions	June 30, 2019
Current assets
Cash and cash equivalents	$2,338.9
Accounts receivable, net	2,927.2
Other current assets	623.5
Total current assets before funds held for clients	5,889.6
Funds half for clients	35,321.0
Total current assets	41,210.6
Long-term receivables, net	28.6
Property, plant and equipment, net	917.0
Capitalized contract cost, net	2,914.2
Other assets	1,121.3
Goodwill	2,787.6
Intangible assets, net	1,285.8
Total assets	$50,265.1
Current liabilities
Accounts payable	$150.6
Accrued expenses and other current liabilities	2,110.8
Accrued payroll and payroll-related expenses	865.3
Dividends payable	408.1
Short-term deferred revenues	264.8
Obligations under reverse repurchase agreements	314.4
Income taxes payable	65.8
Total current liabilities before client funds obligations	4,179.8
Client funds obligations	34,973.4
Total current liabilities	39,153.2
Long-term debt	2,402.6
Other liabilities	958.4
Deferred income taxes	791.9
Long-term deferred revenues	479.2
Total liabilities	43,785.3
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, 766.4 shares; outstanding 521 shares	76.7
Capital in excess of par value	1,419.8
Retained earnings	21,000.7
Treasury stock, at cost: 245.4 shares	(15,708.6)
Accumulated other comprehensive loss	(308.8)
Total stockholders' equity	6,479.8
Total liabilities and stockholders' equity	$50,265.1

Forecast DPs 2020 income statement and balance sheet using the following relations ($ millions). 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 $221.3 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 $331.3 million.
• Income taxes will be 25% of pretax income and income taxes payable will be 7.7% of 2020 tax expense.
• The company will award $200.8 million of stock-based compensation, which 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.
• The company will continue its stock repurchases. DP will repurchase $900 million of treasury stock.
• Dividends will be $1,667.30 in 2020, and dividends payable will be 26.3% of dividends.

Note: When you are required to compute the percentage used for your forecasting assumptions, round the percentage to one decimal place and use that rounded figure to compute the forecasted amount. For example, assume that Actual Accounts receivable, net divided Actual Total revenues equals 0.1720824. This factor should be rounded to 17.2% before computing your forecasted amount for Accounts receivable, net. Note: Round your forecasted answers to one decimal place (for example, enter 14.6 for 14.55555). Use rounded amounts to compute any subtotals and totals.

DATA PROCESSING, INC.
Forecasted Income Statement
For Year Ended June 30, 2020
$ millions	Forecast
Total Revenues	Answer
Operating expenses	Answer
Systems development & programming costs	Answer
Depreciation and Amortization	Answer
Total cost of revenues	Answer
Selling, general, and administrative expenses	Answer
Interest expense	Answer
Total Expenses	Answer
Other (income)/expense, net	Answer
Earnings before income taxes	Answer
Provision for income taxes	Answer
Net Earnings	Answer

DATA PROCESSING, INC.
Forecasted Balance Sheet
	June 30, 2020
$ millions	Forecast
Current assets
Cash and cash equivalents	Answer
Accounts receivable, net	Answer
Other current assets	Answer
Total current assets before funds held for clients	Answer
Funds held for clients	Answer
Total current assets	Answer
Long-term receivables, net	Answer
Property, plant and equipment, net	Answer
Capitalized Contract Cost, Net	Answer
Other assets	Answer
Goodwill	Answer
Intangible assets, net	Answer
Total assets	Answer
Current liabilities
Accounts payable	Answer
Accrued expenses and other current liabilities	Answer
Accrued payroll and payroll-related expenses	Answer
Dividends payable	Answer
Short-term deferred revenues	Answer
Obligations under reverse repo agreements	Answer
Income taxes payable	Answer
Total current liabilities before client funds obligations	Answer
Client funds obligations	Answer
Total current liabilities	Answer
Long-term debt	Answer
Other liabilities	Answer
Deferred income taxes	Answer
Long-term deferred revenues	Answer
Total liabilities	Answer
Shareholders equity:
Preferred stock, $1.00 par value: Authorized,
0.3 shares; issued, none	Answer
Common stock, $0.10 par value: authorized, 1,000.0 shares;
issued, 766.4 shares; outstanding 521 shares	Answer
Capital in excess of par value	Answer
Retained earnings	Answer
Treasury stock, at cost: 245.4 shares	Answer
Accumulated other comprehensive loss	Answer
Total stockholders equity	Answer
Total liabilities and stockholders equity	Answer