M3-2 4. Ide ntif y and Compute Net Operating Assets Foll owin g is th e b alan ce s heet for Lowe ' s Compa nies Inc. Identify and co mpute net o pe rating assets

(NOA) as of Fe bruary l , 20 19. Assume th at lo ng-tenn inve stme nt s are no noperating.

LOWE'S COM PANIES INC.

Cons o lidated Balance Sheet

$ milli ons, except par value Curren t assets Cash and cash equivalents ... . .. • ... . • . . .. .. .. .. .. . ... . . ..

Sho rt -ter m investments .. .. ........ . .•....... .......... .. .

Me rchandise invent ory- net ... . .. .. .. . .. . ... . ....... . . .. . .

Other current assets .. .. .. . ... .. .. .. . . . .. . . . . . . .... . .. . . .

Total c urrent assets .. .. .. ..... ...... . • .. . . • .. • . . . . . .. . . .

Pro perty, less accumulated dep recia tion ... .. . ... .. .• .. .. ... ...

Long- term investments .............. ... .. . .. .• . ...... • .....

Deferred income taxes-net. ......... .. .......... . . ...•. .• . .

Goodwill ........ ................... . . .. . .. ... • ..........

Other assets ......................... ... . . ....... .. ... . . .

Total assets . .. .. . . . .. .. .. • . .•......... . ................ .

Cu rrent liabilities Short-term borrowings .. .. .. . .. ......................... .

Cu rrent maturities o f long-term debt .... .. .. . .. .. .. .. .. . ... • .

Accounts payable . ... .. .. ..... . .. .. . ......... . .. .. •. . ...

Accr ued compensation and employee ben efits .. . . .. .. . .. . ... .

De ferred revenue ................. .. ........... . . .. . ..•.

Other curre nt liabilities . .............. . . .. .. .. .. .. •... . .. .

Total current liabilities . .. . ...... . .. . .... .. .. . .... . .. . .. .. .

Long-term debt , excluding cu rrent maturities ... . . .. . .. .. .. . .. .. .

Deferr ed revenue-exte nded protection plans . .......... . .. . .. . .

Othe r liabilities ........ . ... . ...... . . .... .. .. .. .. .. . .. .. .. .

Total liab ilities . ....... .. .• . . • .... • .. • ... ........... .... .. .

Shareholders' equity Preferred stock-$5 par value, none issued ... ....... .. ... .. .. .

Common stock-$0.50 par value .. .. .. ... ............ . . . ... . .

Capi tal in excess of par value ............. . .. .. .. .. .. . . . .... .

Retained earnings ................. .. ..... . ..... • ..•.. •...

Accumulated other comprehensive loss ........ .. .. .. . ...... . .

Total shareholders' eq uity ............. . . . .. . ....... . .... . .

Total liabi lities an d shareholders' equity ........ ...... . ....... .