Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

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 (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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Monthly Bank Reconciliation Statement Log

Authors: Elizabeth S.R.M. Cole

1st Edition

1541036824, 978-1541036826

More Books

Students also viewed these Accounting questions

Question

Understand the basic theories and concepts of OD

Answered: 1 week ago