Question: ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues $13,041.0

ADP reports the following income statement.

AUTOMATIC DATA PROCESSING INC.
Statement of Consolidated Earnings
For Year Ended June 30, 2019, $ millions
Total revenues $13,041.0
Operating expenses 6,574.0
Systems development and programming costs 585.0
Depreciation and amortization 304.4
Total cost of revenues 7,463.4
Selling, general, and administrative expenses 2,819.0
Interest expense 120.0
Total expenses 10,402.4
Other (income) expense, net (102.0)
Earnings before income taxes 2,740.6
Provision for income taxes 656.0
Net earnings $2,084.6

Forecast ADPs 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 13.00%
Depreciation and amortization $460.5
Interest expense No change
Other (income) expense, net No change
Income tax rate 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

14,736.33

Operating expenses

Answer

Systems development and programming costs

Answer

Depreciation and amortization

460.5

Total cost of revenues

Answer

Selling, general, and administrative expenses

Answer

Interest expense

120

Total expenses

Answer

Other (income) expense, net

Answer

Earnings before income taxes

Answer

Provision for income taxes

Answer

Net earnings

Answer

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