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Forecast an Income Statement Seagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended
Forecast an Income Statement Seagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, 5 millions Revenue $10,390 Cost of revenue 7,458 Product development 991 Marketing and administrative 453 Amortization of intangibles 23 Restructuring and other, net (22) Total operating expenses 8,903 Income from operations Interest income 1,487 84 Interest expense (224) Other, net 25 Other income (expense), net (115) Income before income taxes 1,372 (Benefit) provision for income taxes (640) Net income $2,012 Forecast Seagate's 2020 income statement assuming the following income statement relations ($ millions). 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. Assumptions Revenue growth 5% growth 71.8% of revenue Cost of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change Interest expense No change Other, net No change Income tax rate 21% 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. SEGATE TECHNOLOGY PLC Consolidated Statement of Income $ millions June 2020 Revenue Cost of revenue Product development Marketing and administrative $ 10,909.5 7,833.02 1,036.4 180.02 Amortization of Intangibles 23 Restructuring and other, net 01 Toral operating expenses (1 Income from operations Interest income Interes: expense Other, net 0 0 0 Other income (expense), net 0 Income before income taxes 0 (Benefit) provision for income taxes 0 Net income $ 0 Check
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