Analysis and Interpretation of Profitability Balance sheets and income statements for Nordstrom, Inc., follow. Refer to these financial statements to answer the requirements.

Nordstrom, Inc. Consolidated Statements of Earnings
For Fiscal Years Ended ($ millions)	2013	2012	2011
Net Sales	$11,762	$10,497	$9,310
Credit card revenues	386	380	390
Total revenues	12,148	10,877	9,700
Cost of sales and related buying and occupancy costs	(7,432)	(6,592)	(5,897)
Selling, general and administrative expenses
Retail	(3,166)	(2,807)	(2,412)
Credit	(205)	(229)	(273)
Earnings before interest and income taxes	1,345	1,249	1,118
Interest expense, net	(160)	(130)	(127)
Earnings before income taxes	1,185	1,119	991
Income tax expense	(450)	(436)	(378)
Net earnings	$ 735	$ 683	$ 613

Nordstrom, Inc. Consolidated Balance Sheets
($ millions)	February 2, 2013	January 28, 2012
Assets
Current assets
Cash and cash equivalents	$ 1,285	$ 1,877
Accounts receivable, net	2,129	2,033
Merchandise inventories	1,360	1,148
Current deferred tax assets, net	227	220
Prepaid expenses and other	80	282
Total current assets	5,081	5,560
Land, buildings and equipment, net	2,579	2,469
Goodwill	175	175
Other assets	254	287
Total assets	$ 8,089	$ 8,491
Liabilities and equity
Current liabilities
Accounts payable	$ 1,011	$ 917
Accrued salaries, wages and related benefits	404	388
Other current liabilities	804	764
Current portion of long-term debt	7	506
Total current liabilities	2,226	2,575
Long-term debt, net	3,124	3,141
Deferred income taxes and other liabilities	485	500
Other liabilities	341	319
Shareholders equity
Common stock, no par value: 1,000 shares authorized;	1,645	1,484
197.0 and 207.6 shares issued and outstanding
Retained earnings	315	517
Accumulated other comprehensive loss	(47)	(45)
Total shareholders equity	1,913	1,956
Total liabilities and shareholders equity	$ 8,089	$ 8,491

HINT: For Sales use "Total revenues" for your computations, when applicable.

(a) Compute net operating profit after tax (NOPAT) for 2013. Assume that the combined federal and state statutory tax rate is 37%. (Round to the nearest whole number.) 2013 NOPAT = $ (b) Compute net operating assets (NOA) for 2013 and 2012. 2013 NOA = $Answer

2012 NOA = $Answer

(c) Compute RNOA, net operating profit margin (NOPM) and net operating asset turnover (NOAT) for 2013. Do not use NOPM x NOAT to calulate RNOA. (Do not round until your final answer. Round answer to two decimal places.) 2013 RNOA = Answer 2013 NOPM = Answer 2013 NOAT = Answer

(d) Compute net nonoperating obligations (NNO) for 2013 and 2012. 2013 NNO = $Answer 2012 NNO = $Answer

(e) Compute return on equity (ROE) for 2013. (Round answer to two decimal places.) 2013 ROE = Answer (f) Infer the nonoperating return component of ROE for 2013. (Use above answers to calculate. Round answer to two decimal places.) 2013 nonoperating return