Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. Forecast an Income Statement ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019,

image text in transcribed

. Forecast an Income Statement ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues Operating expenses. Systems development and programming costs Depreciation and amortization $14,175.2 7,145.9 636.3 304.4 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 8,086.6 3,064.2 129.9 11,280.7 (111.1) 3,005.6 712.8 $ 2,292.8 Forecast ADP's 2020 income statement assuming the following income statement relations. All percent- ages (other than total revenue growth and provision for income taxes) are based on historic percent of total revenues. Total revenues growth Depreciation and amortization Interest expense. Other (income) expense, net Income tax rate.. 13% $460.5 million No change No change 25%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Choose Wisely

Authors: Eliot Dylan Marr

1st Edition

1498416365, 978-1498416368

More Books

Students also viewed these Finance questions