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 $12,191.0 Operating expenses 6,145.0 Systems development and programming costs 547.0 Depreciation and amortization 304.4 Total cost of revenues 6,996.4 Selling, general, and administrative expenses 2,635.0 Interest expense 112.0 Total expenses 9,743.4 Other (income) expense, net (96.0) Earnings before income taxes 2,543.6 613.0 $1,930.6 Provision for income taxes Net earnings Forecast ADP's 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 Depreciation and amortization Interest expense Other (income) expense, net Income tax rate 13.00% $460.5 No change No change 25.00%