(a) Compute net operating profit after tax (NOPAT) for 2009. Assume that the combined federal and statutory rate is: 37.0%. (Round your answer to the nearest whole number.)

(b) Compute net operating assets (NOA) for 2009 and 2008.

(c) Compute RNOA, net operating profit margin (NOPM) and net operating asset turnover (NOAT) for 2009. Do not use NOPM x NOAT to calculate RNOA. (Do not round until your final answers. Round to two decimal places.)

(d) Compute net nonoperating obligations (NNO) for 2009 and 2008.

(f) Infer the nonoperating return component of ROE for 2009. (Use answers from above to calculate. Round your answer to two decimal places.)

Balance sheets and income statements for Nordstrom, Inc. follow. Refer to these financial statements to answer the NORDSTROM, INC. Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) 2009 2008 2007 Sales $ 8,272 $8,828 $ 8,561 Credit card revenues 301 252 105 Total revenues 8,573 9,080 8,666 Cost of sales and related buying and occupancy costs (5,417) (5,526) (5,354) Selling, general and administrative expenses Retail (2,103) (2,130) (2,071) Credit (274) (177) (92) Earnings before interest and income taxes 779 1,247 1,149 Net interest expense (131) (74) (43) Earnings before income taxes 648 1,173 1,106 Income tax expense (247) (458) (428) Net earnings $ 401 $ 715 $678 NORDSTROM, INC. Consolidated Balance Sheets ($ millions) January 31, 2009 February 2, 2008 Assets Current Assets Cash and cash equivalents $ 72 $ 358 Accounts receivable, net 1,942 1,788 Merchandise inventories 900 956 Current deferred tax assets, net 210 181 Prepaid expenses and other 93 78 Total current assets 3,217 3,361 Land, buildings and equipment, net 2,221 1,983 Goodwill 53 53 Other assets 170 203 Total assets $ 5,661 $ 5,600 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 563 $ 556 Accrued salaries, wages and related benefits 214 268 Other current liabilities 525 550 Current portion of long-term debt 299 261 Total current liabilities 1,601 1,635 Long-term debt, net 2,214 2,236 Deferred property incentives, net 435 369 Other liabilities 201 245 Shareholders' equity Common stock, no par value 997 936 Retained earnings 223 201 Accumulated other comprehensive income (loss) (10) (22) Total shareholders' equity ' 1,210 1,115 Total liabilities and shareholders' equity $ 5,661 $ 5,600 HINT: For Sales use "Total revenues" for your computations, when applicable