Question: ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC.Statement of Consolidated EarningsFor Year Ended June 3 0 , 2 0 1 9 , $

ADP reports the following income statement. AUTOMATIC DATA PROCESSING INC.Statement of Consolidated EarningsFor Year Ended June 30,2019, $ millionsTotal revenues$13,041.0Operating expenses6,574.0Systems development and programming costs585.0Depreciation and amortization304.4Total cost of revenues7,463.4Selling, general, and administrative expenses2,819.0Interest expense120.0Total expenses10,402.4Other (income) expense, net(102.0)Earnings before income taxes2,740.6Provision for income taxes656.0Net 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 AssumptionsTotal revenues growth13.00%Depreciation and amortization$460.5Interest expenseNo changeOther (income) expense, netNo changeIncome tax rate25.00% 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. Note:Use a negative sign with Other (income) expense, net answer. AUTOMATIC DATA PROCESSING INC.Statement of Consolidated EarningsFor Year Ended June 30,2020, $ millionsTotal revenuesAnswer 1 Operating expensesAnswer 2 Systems development and programming costsAnswer 3 Depreciation and amortizationAnswer 4 Total cost of revenuesAnswer 5 Selling, general, and administrative expensesAnswer 6 Interest expenseAnswer 7 Total expensesAnswer 8 Other (income) expense, netAnswer 9 Earnings before income taxesAnswer 10 Provision for income taxesAnswer 11 Net earningsAnswer 12

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