Analyze, Forecast, and Interpret Both Income Statement and Balance Sheet

Following are the income statement and balance sheet of Seagate Technology.

Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places.

SEGATE TECHNOLOGY PLCConsolidated Statement of IncomeFor Year Ended June $28,2019,$ $ millionsRevenue$$7,689$Cost of revenue$5,519$Product development$733$Marketing and administrative$335$Amortization of intangibles$17$Restructuring and other, net$(16)$Total operating expenses$6,588$Income from operations$1,101$Interest income$62$Interest expense$(166)$Other$,$ net$19$Other expense, net$(85)$Income before income taxes$1,016($Benefit$)$ provision for income taxes$(474)$Net income$$1,490$

SEAGATE TECHNOLOGY PLC Consolidated Balance SheetConsolidated Balance Sheet$ millionsJune $28,2019$Current assetsCash and cash equivalents$$1,643$Accounts receivable, net$732$Inventories$718$Other current assets$136$Total current assets$3,229$Property, equipment and leasehold improvements, net$1,383$Goodwill$915$Other intangible assets, net$82$Deferred income taxes$824$Other assets, net$141$Total assets$$6,574$Current liabilitiesAccounts payable$$1,051$Accrued employee compensation$125$Accrued warranty$67$Accrued expenses$408$Total current liabilities$1,651$Long$-$term accrued warranty$77$Long$-$term accrued income taxes $\mathrm{.}3$Other noncurrent liabilities$96$Long$-$term debt, less current portion$3,147$Total liabilities$4,974$Shareholders$$ equityOrdinary shares$$ par value $$0\mathrm{.}0001,2\mathrm{.}6$ billion shares authorized, $1,340,697,595$ and$1,354,218,154$ shares issued and outstanding, respectively$0$Additional paid$-$in capital$4,852$Accumulated other comprehensive loss$(34)$Accumulated deficit$(3,218)$Total shareholders' equity$1,600$Total liabilities and shareholders' equity$$6,574$

Forecast Seagate Technology$$s $2020$ income statement using the following forecast assumptions, which are expressed as a percentage of revenue unless otherwise indicated.

Note: Complete the entire question in Excel $($template provided above$).$ Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with $\_$two decimal places$\_.$

Note: Use negative signs with answers, when appropriate.

AssumptionsRevenue growth$5\%$growthCost of revenue$71\mathrm{.}8\%$of revenueProduct development$9\mathrm{.}5\%$of revenueMarketing and administrative$4\mathrm{.}4\%$of revenueAmortization of intangiblesNo changeRestructuring and other, net$$0$millionInterest incomeNo changeInterest expenseNo changeOther, netNo changeIncome tax rate$21\%$

SEGATE TECHNOLOGY PLCConsolidated Statement of Income$ millionsJune $2020$RevenueAnswer $1$Cost of revenueAnswer $2$Product developmentAnswer $3$Marketing and administrativeAnswer $4$Amortization of intangiblesAnswer $5$Restructuring and other, netAnswer $6$Total operating expensesAnswer $7$Income from operationsAnswer $8$Interest incomeAnswer $9$Interest expenseAnswer $10$Other, netAnswer $11$Other expense, netAnswer $12$Income before income taxesAnswer $13($Benefit$)$ provision for income taxesAnswer $14$Net incomeAnswer $15$

Forecast Seagate Technology$$s $2020$ balance sheet using the following forecast assumptions, which are expressed as a percentage of revenue unless otherwise indicated.

Note: Complete the entire question in Excel $($template provided above$).$ Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with $\_$two decimal places$\_.$

Note: Use negative signs with answers, when appropriate.

AssumptionsAccounts receivable, net$9\mathrm{.}5\%$of revenueInventories$9\mathrm{.}3\%$of revenueOther current assets$1\mathrm{.}8\%$of revenueDeferred income taxes$10\mathrm{.}7\%$of revenueOther assets, net$1\mathrm{.}8\%$of revenueAccounts payable$13\mathrm{.}7\%$of revenueAccrued employee compensation$1\mathrm{.}6\%$of revenueAccrued warranty$0\mathrm{.}9\%$of revenueAccrued expenses$5\mathrm{.}3\%$of revenueLong$-$term accrued warranty$1\mathrm{.}0\%$of revenueOther noncurrent liabilities$1\mathrm{.}3\%$of revenueGoodwillNo changeLong$-$term accrued income taxesNo changeLong$-$term debt, less current portionNo changeOrdinary SharesNo changeAccumulated other comprehensive lossNo changeCAPEX$5\mathrm{.}8\%$of revenueDepreciation expense$5\mathrm{.}4\%$of beginning Property, equipment and leasehold improvements, grossBeginning Property, equipment and leasehold improvements, gross$$7,278$millionStock$-$based compensation$$99$million, 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.Dividend payout ratio$35\mathrm{.}4\%$