2018 2017 Boston Scientific - Balance Sheet December 31, (5 millions) Current Assets Cash & Equivalents Trade Accounts Receovable net Inventories Prepaid Income Taxes Other Current Assets Total Current Assets Property, Plant & Equipment Goodwill Other Intangible Assets net Other Long-Term Assets 146 1,605 1,165 161 921 4,002 1,782 7,911 6,372 932 16,997 $20,999 188 1,548 1,078 66 942 3,822 1,697 6,998 5,837 688 15,220 $19,042 Total Assets Current Liabilities Current Debt Obligations Accounts Payable Accrued Expenses Other Current Liabilities Total Current Liabilities Long-Term Debt Deferred Income Taxes Other Long-Term Liabilities 2,253 349 2,246 412 5,260 4,803 32B 1,882 7,013 12,273 1,801 530 2,456 867 5,654 3,815 191 2,370 6,376 12.030 16 (1,717) Toltal Liabilities Shareholders' Equity Common Stock Treasury Stock at cost Additional Paid-in Capital Accumulative Deficit Other Comprehensive income Total Stockholders' Equity Total Liabilities & Equity 17,346 (6,953 34 8,726 $20,999 16 (1,717) 17,161 (8,390) (58 7,012 $19,042 1) Highlight the operating assets and operating liabilities in the above balance sheet Compute the Net Operating Assets (NOA) in the table below Net Operating Assets (5 millions) 2018 2017 Operating Assets Operating Liabilities Net Operating Assets (NOA) 2) Compute the Net Nonoperating Obligations (NNO) in the table below Net Nonoperating Obligations (5 millions) 2018 2017 Nonoperating Liabilities Less Nonoperating Assets Net Nonoperating obligations (NNO) Boston Scientific - Income Statement December 31, (5 millions) 2018 2017 Net Sales 9,823 9,045 Cost of Products Sold 2,813 2,593 Gross Profit 7,010 6,455 Operating Expenses Selling, General & Administrative 3,569 3,294 Research & Development 1,113 997 Royalty Expense 70 68 Amortization Expense 599 565 Intangible Asset Impairment Charge 35 4 Contingent Consideration Expense (21) (80) Restructuring Charge 36 37 Litigation-related Charge 103 285 5,504 5,170 Operating Income 1,505 1,285 Other Expenses/[income) Interest Expense 241 229 Other Expense (Income) net (157) 124 84 353 Income before Taxes 1,422 932 Income Tax Expense/(Benefit] (249) 828 Net Income $1,671 $104 3) Highlight the operating activities in the above income statement Compute the Net Operating profit after Tax (NOPAT) in the table below Net Operating Profit after Tax (NOPAT) 2018 Net Operating Profit before Tax (NOPBT) Less Tax on Operating Profit: Pretax net nonoperating expense Statutory tax rate 2296 Taxshield Tax Expense Benefit Tax on operating Profit Net Operating Profit after Tax (NOPAT) 4) Provide the income Statement and Balance sheet amounts, and compute the ratios in the table below DuPont Operating DuPont vs Operating Focus for 2018 Approach Approach Net Income. Net Operating Profit after Tax (NOPAT) Average Assets. Average Net Operating Assets. ROA RNOA ROE ROA/ROE. RNOA/ROE. 5) Compare the ROA/ROE ratio computed under the "DuPont approach to the RNOA/ROE ratio computed under the "Operating approach" which approach shows a greater portion of the ROE attributed to operating activities