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Analyze, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance sheet of DP Inc. DATA PROCESSING INC. Statement of Consolidated Earnings For Year Endedjune 30, 2019, s millions Total revenues Operating expenses Systems development and programming costs \"5090' Depreciation and amortization V ' 2435 ' Total cost of revenues ' 6,469.2 ' Selling, general, and administrative expenses ' 2,451.4 ' Interest expense ' 103.9 ' Total expenses ' 9,024.5 ' Other (income) expense, net (88.9) Earnings before income taxes 2,404.6 Provision for income taxes 570.2 Net earnings $1,834.4 DATA PROCESSING INC. Balance Sheet Smillions June 30,2019 Current assets Cash and cash equivalents $1 ,5595 Accounts receivable, net 1,951.4 Other current assets 415.7 Total current assets before funds held for clients 3,926.6 Funds half for clients 23,547.4 Total current assets 27,4740 Long-term receivables, net 19.0 Property, plant and equipment, net 611.4 Capitalized contract cost, net 1,942.8 Other assets 747.5 Goodwill 1,858.4 Intangible assets, net 8572 Total assets $335103 Current liabilities Accounts payable $100.4 Accrued expenses and other current liabilities 1,407.2 Accrued payroll and payroll-related expenses 576.9 Dividends payable 272.1 Short-term deferred revenues 176.6 Obligations under reverse repurchase agreements 209.6 Income taxes payable 43.8 Total current liabilities before client funds obligations 2,786.6 Client funds obligations 23,315.6 Total current liabilities 26,1022 Long-term debt 1,601.8 Other liabilities 639.0 Deferred income taxes 527.9 Long-term deferred revenues 319.4 Total liabilities 29,1903 Shareholders' equity Preferred stock, $1.00 par value; Authorized, 03 shares; issued , none Common stock, $0.10 par value; Authorized, 1,000.0 shares; issued, 511.0 shares; outstanding 347.4 shares 51.1 Capital in excess of par value 9466 Retained earnings 14,0005 Treasury stock, at cost: 163.6 shares (10,472.4) Accumulated other comprehensive loss (205.8) Total stockholders' equity 4,320.0 Total liabilities and stockholders' equity $33,510.3 Forecast DP's 2020 income statement and balance sheet using the following relations ($ millions). 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 $147.5 million. 0 Goodwill, long-term debt, preferred stock, common stock, and Accumulated other comprehensive loss will not change for the year. 0 The company will acquire intangibles equal to 2.9% of total revenues and will record amortization expense of $220.9 million. 0 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 $133.8 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. 0 The company will continue its stock repurchases. DP will repurchase $600 million of treasury stock. - Dividends will be $1,111.50 in 2020, and dividends payable will be 26.3% ofdividends. Note: Round your answers to one decimal place (for example, enter 14.6 for 14.55555). DATA PROCESSING, INC. Forecasted Income Statement For Year Ended June 30, 2020 S millions Forecast Total Revenues S 11340.2 Operating expenses 5,716.7 Systems development & programming costs 509 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 XXXXXXXXXXXX 000000000 Net Earnings 5 DATA PROCESSING, INC. Forecasted Balance Sheet June 30, 2020 s millions Forecast Current assets Cash and cash equivalents $ 0 at Other current assets 0 x l l Accounts receivable, net I 0 x l l Total current assets before funds held for clients 0 x Long-term receivables, net 0 3: Property, plant and equipment, net 0 x Capitalized Contract Cost, Net 0 x Other assets 0 x Goodwill 0 x Intangible assets, net 0 at Total assets 0 X Current liabilities Accounts payable 0 x Accrued expenses and other current liabilities 0 X Accrued payroll and payroll-related expenses 0 x Dividends payable 0 X Short-term deferred revenues 0 X Obligations under reverse repo agreements 0 x Income taxes payable 0 at Total current liabilities before client funds obligations 0 3: Client funds obligations 0 x Total current liabilities 0 x Longterm debt 0 x Other liabilities 0 x Deferred income taxes 0 x Longterm deferred revenues 0 at Total liabilities 0 x Shareholders' equity: Preferred stock, $1.00 par value: Authorized, 0.3 shares; issued, none 0 v Common stock, $0.10 parvalue: authorized, 1,000.0 shares; issued, 511.0 shares; outstanding 347.4 shares 0 3: Capital in excess of par value 0 x Retained earnings 0 3: Treasury stock, at cost: 163.6 shares 0 X Accumulated other comprehensive loss 0 at Total stockholders' equity 0 at Total liabilities and stockholders' equity 0 x