Forecasting 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	$11,978.0
Operating expenses	6,038.0
Systems development and programming costs	538.0
Depreciation and amortization	304.4
Total cost of revenues	6,880.4
Selling, general, and administrative expenses	2,589.0
Interest expense	110.0
Total expenses	9,579.4
Other (income) expense, net	(94.0)
Earnings before income taxes	2,492.6
Provision for income taxes	602.0
Net earnings	$1,890.6

Forecast ADPs 2020 income statement assuming the following income statement relations. All percentages (other than total revenue growth and provision for income taxes) are based on historic percent of total revenues. Dollar figures are in millions

Assumptions
Total revenues growth	13.00%
Depreciation and amortization	$460.5
Interest expense	No change
Other (income) expense, net	No change
Income tax rate	25.00%

Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places.

	AUTOMATIC DATA PROCESSING INC.
	Statement of Consolidated Earnings
	For Year Ended June 30, 2020, $ millions
	Total revenues	Answer
	Operating expenses	Answer
	Systems development and 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