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) 2016 2015 2014 Net Sales $14,095 $13,110 $12,166 Credit card revenues 342 396 374 Total revenues 14,437 13,506 12,540 Cost of sales and related buying and occupancy costs (9,168) (8,406) (7,737) Selling, general and administrative expenses (4,168) (3,777) (3,453) Earnings before interest and income taxes 1,101 1,323 1,350 Interest expense, net (125) (138) (161) Earnings before income taxes 976 1,185 1,189 Income tax expense (376) (465) (455) Net earnings $600 $720 $734 Jan. 30, 2016 Jan. 31, 2015 in millions Assets Current assets Cash and cash equivalents Accounts receivable, net Merchandise inventories Current deferred tax assets, net Prepaid expenses and other $595 196 1,945 0 278 $827 2,306 1,733 256 102 5,224 3,340 435 246 $9,245 3,014 3,735 435 514 $7,698 $1,324 416 1,161 $1,328 416 1,048 Total current assets Land, buildings and equipment, net Goodwill Other assets Total assets Liabilities and equity Current liabilities Accounts payable Accrued salaries, wages and related benefits Other current liabilities Current portion of long-term debt Total current liabilities Long-term debt, net Deferred income taxes and other liabilities Other liabilities Shareholders' equity Common stock, no par value: 1,000 shares authorized; 173.5 and 190.1 shares issued and outstanding Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity 10 2,911 2,795 540 581 2,800 3,123 510 372 2,539 (1,610) (58) 871 2,338 166 (64) 2,440 $9,245 $7,698 HINT: For Sales use "Total revenues" for your computations, when applicable. (a) Compute net operating profit after tax (NOPAT) for 2016. Assume that the combined federal and state statutory tax rate is 37%. Round to the nearest whole number. 2016 NOPAT = $ 69363 (b) Compute net operating assets (NOA) for 2016 and 2015. 2016 NOA = $ 103 2015 NOA = $ (c) Compute RNOA, net operating profit margin (NOPM) and net operating asset turnover (NOAT) for 2016. Do not round until your final answer. Round answer to two decimal places. 2016 RNOA = 2016 NOPM = 2016 NOAT = (d) Compute net nonoperating obligations (NNO) for 2016 and 2015. 2016 NNO = $ 2015 NNO = $ (e) Compute return on equity (ROE) for 2016. Round answer to two decimal places. 2016 ROE = (e) Compute return on equity (ROE) for 2016. Round answer to two decimal places. 2016 ROE = (f) Infer the nonoperating return component of ROE for 2016. Use above answers to calculate. Round answer to two decimal places. 2016 nonoperating return =