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	$14,175.0
Operating expenses	7,146.0
Systems development and programming costs	636.0
Depreciation and amortization	304.4
Total cost of revenues	8,086.4
Selling, general, and administrative expenses	3,064.0
Interest expense	130.0
Total expenses	11,280.4
Other (income) expense, net	(111.0)
Earnings before income taxes	3,005.6
Provision for income taxes	713.0
Net earnings	$2,292.6

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%

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
	Operating expenses
	Systems development and programming costs
	Depreciation and amortization
	Total cost of revenues
	Selling, general, and administrative expenses
	Interest expense
	Total expenses
	Other (income) expense, net
	Earnings before income taxes
	Provision for income taxes
	Net earnings