Prepare pro forma income statements for the next 5 years, based on the rate of growth from
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Prepare pro forma income statements for the next 5 years, based on the rate of growth from the previous 5 years.
| Income Statement | |||||
(USD in millions) | 2016 | 2017 | 2018 | 2019 | 2020 |
| Revenue | 43,218.00 | 46,061.00 | 48,607.00 | 47,142.00 | 49,161.00 |
| Cost of revenue | -16,682.00 | -17,852.00 | -19,167.00 | -19,373.00 | -19,480.00 |
| Gross profit | 26,536.00 | 28,209.00 | 29,440.00 | 27,769.00 | 29,681.00 |
| Research and development | -5,823.00 | -5,488.00 | -5,942.00 | -6,294.00 | -6,207.00 |
Sales, General and administrative | -11,720.00 | -11,969.00 | -11,802.00 | -11,437.00 | -11,861.00 |
| Restructing, merger aquisitions | -799 | -304 | -105 | -418 | -484 |
| Operating Income | 8,194.00 | 10,448.00 | 11,591.00 | 9,620.00 | 11,129.00 |
| interest expense | -628 | -596 | -583 | -564 | -566 |
| Income before taxes | 7,566.00 | 9,852.00 | 11,008.00 | 9,056.00 | 10,563.00 |
| Provision for income taxes | -1,335.00 | -2,118.00 | -1,244.00 | -1,862.00 | -2,220.00 |
| Net income | 6,231.00 | 7,734.00 | 9,764.00 | 7,194.00 | 8,343.00 |
Expert Answer:
2021 Pro Forma Income Statement Projected Revenue2021 4916100101378 5592180 Projected Cost of Revenue2021 1948000101378 2214576 Projected Gross Profit... View the full answer
Related Book For 
Valuation The Art and Science of Corporate Investment Decisions
ISBN: 978-0133479522
3rd edition
Authors: Sheridan Titman, John D. Martin
Posted Date:
