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thank you Forecasting an Income Statement ADP reports the following income statement. Forecast ADP's 2020 income statement assuming the following income statement relations. All percentages
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Forecasting an Income Statement ADP reports the following income statement. 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 milions 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 \begin{tabular}{|l|r|} \hline Total revenues & $14,736.3 \\ \hline Operating expenses & 3,313.97 \\ \hline Systems development and programming costs & 76.05 \\ \hline Depreciation and amortization & 461 \\ \hline Total cost of revenues & 7,964 \\ \hline Selling, general, and administrative expenses & 3,183 \\ \hline Interest expense & 120Q \\ \hline Total expenses & 11,267 \\ \hline Other (income) expense, net & (102) \\ \hline Earnings before income taxes & 3,367 \\ \hline Provision for income taxes & 842 \\ \hline Net earnings & 2,525 \\ \hline \end{tabular}Step by Step Solution
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