1 ) Compute net operating assets (NOA) and net nonoperating obligations (NNO) for 2019. The company's NNO is negative because cash exceeds debt.

NOA =

NNO=

2)Compute net operating profit after tax (NOPAT) for 2019 assuming a federal and state statutory tax rate of 22%.

Note: Round your answer to the nearest whole dollar.

NOPAT =

U NIKE INC. Consolidated Income Statements May 31 May 31, For Year Ended ($ millions) 2019 2018 Revenues $39,117 $36,397 Cost of sales 21,643 20,441 Gross profit 17,474 15,956 Demand creation expense 3,753 3,577 Operating overhead expense 8,949 7,934 Total selling and administrative expense 12,702 11,511 Interest expense (income), net 49 54 Other (income) expense, net (78) 66 Income before income taxes 4,801 4,325 Income tax expense 772 2,392 Net income $4,029 $1,933 NIKE INC. Consolidated Balance Sheets May 31 May 31, 2019 2018 197 $4,466 $4,249 996 4,272 3,498 5,622 5,261 1,968 1,130 16,525 15,134 4,744 4,454 283 285 154 154 2,011 2,509 $23,717 $22,536 $6 $6 9 $ millions Current assets Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets Total assets Current liabilities Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long-term debt Deferred income taxes and other liabilities Commitments and contingencies (Note 18) Shareholders' equity Common stock at stated value: Class A convertible315 and 329 shares outstanding Class B,1,253 and 1,272 shares outstanding Capital in excess of stated value Accumulated other comprehensive income (loss) Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2,612 5,010 229 7,866 3,464 3,347 336 2,279 3,269 150 6,040 3,468 3,216 3 3 7,163 6,384 231 (92) 1,643 3,517 9,040 9,812 $23,717 $22,536