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Following is the income statement for fiscal 2021. Using the assumptions provided, forecast the income statement fiscal 2022. $ millions Fiscal 2021 Forecast the fiscal
Following is the income statement for fiscal 2021. | ||||||
Using the assumptions provided, forecast the income statement fiscal 2022. | ||||||
$ millions | Fiscal 2021 | Forecast the fiscal 2022 income statement using the following forecast assumptions: | ||||
Revenue | $10,390 | Assumptions | ||||
Cost of revenue | 7,458 | Revenue growth | 5.00% growth | |||
Product development | 991 | Cost of revenue | Fiscal 2021 percent of revenue | |||
Marketing and administrative | 453 | Product development | Fiscal 2021 percent of revenue | |||
Amortization of intangibles | 23 | Marketing and administrative | Fiscal 2021 percent of revenue | |||
Restructuring and other, net | (22) | Amortization of intangibles | No change | |||
Total operating expenses | 8,903 | Restructuring and other, net | $0 | |||
Income from operations | 1,487 | Interest income | No change | |||
Interest income | 84 | Interest expense | No change | |||
Interest expense | (224) | Other, net | No change | |||
Other, net | 25 | Income tax rate | 21.00% | |||
Other expense, net | (115) | |||||
Income before income taxes | 1,372 | |||||
(Benefit) provision for income taxes | (640) | |||||
Net income | $2,012 |
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