1. Compute Net Operating Assets Selected balance sheet and income statement information for Home Depot follows.

$ millions	Jan. 31, 2016	Feb. 01, 2015
Operating assets	$40,583	$38,473
Nonoperating assets	2,241	1,748
Total assets	42,824	40,221
Operating liabilities	15,018	13,527
Nonoperating liabilities	21,340	17,222
Total liabilities	36,358	30,749
Sales	88,944
Net operating profit before tax (NOPBT)	12,024
Nonoperting expense before tax	778
Tax expense	4,208
Net income	7,038

Compute net operating assets for the years ended January 31, 2016 and February 1, 2015. 2016 NOA $Answer 2015 NOA $Answer

2. Compute Net Operating Profit after Tax Selected balance sheet and income statement information for Home Depot follows.

$ millions	Jan. 31, 2016	Feb. 01, 2015
Operating assets	$40,683	$38,573
Nonoperating assets	2,266	1,773
Total assets	42,949	40,346
Operating liabilities	15,043	13,552
Nonoperating liabilities	21,275	17,157
Total liabilities	36,318	30,709
Sales	89,234
Net operating profit before tax (NOPBT)	12,124
Nonoperting expense before tax	803
Tax expense	4,001
Net income	7,320

Assume a statutory tax rate of 37%. Round answers to the nearest whole number.

a. Compute NOPAT using the formula: NOPAT = Net income + NNE

$Answer

b. Compute NOPAT using the formula: NOPAT = NOPBT Tax on operating profit

$Answer