Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please answer Forecasting an Income Statement ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30,

please answer
image text in transcribed

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 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 $12,403.0 6,253.0 557.0 304.4 7,114.4 2,681 .o 114.0 9,909.4 (97.0) 2,590.6 624.0 $1 ,966.6 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 Depreciation and amortization Interest expense Other (income) expense, net Income tax rate 1 3.00% $460.5 No change No change 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxation Of Individuals And Business Entities 2015

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

6th Edition

9780077862367

Students also viewed these Accounting questions

Question

Describe the six elements of communication.

Answered: 1 week ago