Forecasting an Income Statement ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC. Statement of...

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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 Operating expenses $13,254.0 6,681.0 Systems development and programming costs Depreciation and amortization 595.0 304.4 Total cost of revenues 7,580.4 Selling, general, and administrative expenses 2,865.0 Interest expense 121.0 Total expenses 10,566.4 Other (income) expense, net (104.0) Earnings before income taxes. 2,791.6 Provision for income taxes 666.0 Net earnings $2,125.6 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 13.00% Depreciation and amortization $460.5 Interest expense No change Other (income) expense, net No change Income tax rate 25.00% 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 Operating expenses $13,254.0 6,681.0 Systems development and programming costs Depreciation and amortization 595.0 304.4 Total cost of revenues 7,580.4 Selling, general, and administrative expenses 2,865.0 Interest expense 121.0 Total expenses 10,566.4 Other (income) expense, net (104.0) Earnings before income taxes. 2,791.6 Provision for income taxes 666.0 Net earnings $2,125.6 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 13.00% Depreciation and amortization $460.5 Interest expense No change Other (income) expense, net No change Income tax rate 25.00%