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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 June

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, $ millions
Revenue $10,835
Cost of revenue 7,458
Product development 1,436
Marketing and administrative 898
Amortization of intangibles 23
Restructuring and other, net (22)
Total operating expenses 9,793
Income from operations 1,042
Interest income 529
Interest expense (224)
Other, net 25
Other income (expense), net 330
Income before income taxes 1,372
(Benefit) provision for income taxes (640)
Net income $2,012

Forecast Seagates 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
Cost of revenue 71.8% 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 Answer?
Cost of revenue Answer?
Product development Answer?
Marketing and administrative Answer?
Amortization of intangibles Answer?
Restructuring and other, net Answer?
Total operating expenses Answer?
Income from operations Answer?
Interest income Answer?
Interest expense Answer?
Other, net Answer?
Other income (expense), net Answer?
Income before income taxes Answer?
(Benefit) provision for income taxes Answer?
Net income Answer?

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