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Question 2 Partially correct Mark 12.00 out of 31 .00 V Flag question Analyze, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance sheet of ADP Inc. DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, s millions Total revenues $7,087.6 Operating expenses 3,5730 Systems development and programming costs i 3182 Depreciation and amortization Total cost of revenues Selling, general, and administrative expenses Interest expense Total expenses bther (income) expense, net Earnings before income taxes Provision for income taxes Net earnings DATA PROCESSING INC' Balance Sheet $mi|lions June 30,2019 Current assets i Cash and cash equivalents i $974.8 Accounts receivable, net ' 1,219] Other current assets i 2598 Total current assets before funds held for clients i 2,454.3 Funds half for clients i 14,717.1 Total current assets i 17,171.4 Long-term receivables, net i 11.9 Property, plant and equipment, net i 382.1 Capitalized contract cost, net 1,214.3 Other assets 467.2 Goodwill 1,161.5 Intangible assets, net 535.8 Total assets $203442 Current liabilities Accounts payable $62.8 Accrued expenses and other current liabilities 879.5 Accrued payroll and payroll-related expenses 360.6 Dividends payable 170.1 Short-term deferred revenues 110.4 Obligations under reverse repurchase agreements 131.0 Income taxes payable 27.4 Total current liabilities before client funds obligations 1,741.8 Client funds obligations 14,572.3 Total current liabilities 16,3141 Long-term debt 1,001.1 Other liabilities 399.4 Deferred income taxes 330.0 Long-term deferred revenues 199.7 Total liabilities 18,2443 Shareholders' equity Preferred stock, $1.00 parvalue; Authorized. 0.3 shares: issued , none Common stock, $0.10 par value; Authorized, 1,000.0 shares; issued, 319.4 shares; outstanding 217.1 shares 32.0 Capital in excess of par value 591.6 Retained earnings 8,750.3 Treasury stock, at cost: 102.3 shares (6,545.3) Accumulated other comprehensive loss (128.7) Total stockholders' equity 2,699.9 Total liabilities and stockholders' equity $203442 Assume total revenues grow by 13% in 2020. All other percentages (other than sales growth and provision for income taxes) are based on historic percent of total revenues. I CAPEX for 2020 will be 1.1% oftotal revenue, and depreciation will be $92.2 million. o Goodwill, long-term debt, preferred stock, common stock, and Accumulated other comprehensive loss will not change for the year. . The company will acquire intangibles equal to 2.9% of total revenues and will record amortization expense of $138.1 million. - Income taxes will be 25% of pretax income and income taxes payable will be 7.7% of 2020 tax expense. 0 The company will award $83.7 million of stock-based compensation, which increases Capital in excess of par value by the same amount. Assume that the company routinely includes this form of compensation in operating expenses each year. a The company will continue its stock repurchases. DP will repurchase $375 million of treasury stock. - Dividends will be $694.70 in 2020, and dividends payable will be 26.3% of dividends. Prepare a forecast of FY2020 statement of cash flows. Note: Round your answers to one decimal place (for example, enter 14.6 for 14.55555). AUTOMATIC DATA PROCESSING, INC. Forecasted Statement of Cash Flows For Year Ended 5 millions June 2020 Net income (loss) 1,299.8 X Add: Depreciation 92.2 v Add: Amortization 7' 7 7 7 7 7 138.1 v Add: Stock based compensation 83.7 v Accounts receivable, net (9214) X Other current assets 0 X Funds held for clients 0 X Long-term receivables, net 0 X Capitalized Contract Cost, Net 0 X Other assets 0 X Accounts payable 0 X Accrued expenses and other current liabilities V V 0 X Accrued payroll and payrollrelated expenses 0 X Short-term deferred revenues 0 X Obligations under reverse repurchase agreements O X Income taxes payable 4.2 v Client funds obligations 16,4667 X Other liabilities 451.3 X Deferred income taxes 373 X Long-term deferred revenues 225.7 X Operating cash ow 6265 at Capital Expenditures (88) Additional intangibles acquired (232.3) v Net cash from investing activities (320.4) v Dividends (694.7) v Dividends payable 12.6 v Stock buy backs (375) 0/ Net cash from financing activities (1,057.1) 0/ Net change in cash 42,625] x Beginning cash 974.8 0/ Ending cash $ 41,6503 x