M3-20. Compute Net Oper ating Assets (NOA)

Refer to the balance sheet information below for Home Depot. Compute net operating assets for the years ended February 3, 2019, and January 28, 2018 .

$millions Feb.3, 2019 Jan. 28, 2018 Operating assets ......... .. .. ...... .. . .

Nonoperating assets ........•..•..•....•.

Total assets .................... . .... . .

Operating liabilities ............•. . • ....•.

Nonoperating liabilities .................. .

Total liabilities .......... ............... .

$ 42,225 1,778

$ 44,003

$ 16,679 29,202

$ 45,881 Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $108,203 Operating expense before tax . . . . . . . . . . . . . 92,673 Net operating profit before tax (NOPBT) . . . • . 15,530 Other expense . . . . . . . . . . . . . . . . . . . . . . . . . 974 Income before tax. . . . . . . . . . • . . • . . . . . . . . . 14,556 Tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,435 Net earnings. . . . . . . . . . . . . . . . . • . . • . . . . • . $ 11, 121

$40,934 3,595 $44,529 $16,047 27,028 $43,075