Analysis and Interpretation of ROE and RNOA with No Noncontrolling Interest 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

(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 = Answer

(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 calculate RNOA. (Do not round until your final answer. Round answer to two decimal places.) Note: For Sales use "Total revenues" for your computations, when applicable.

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 = 38%

(f) Infer the nonoperating return component of ROE for 2013. (Use above answers to calculate. Round answer to two decimal places.)

2013 nonoperating return = Answer 0

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 $ 1,285 2,129 $ 1,877 2,033 1,148 1,360 227 220 80 282 5,081 5,560 2,469 2,579 175 175 254 287 $ 8,089 $ 8,491 Current assets Cash and cash equivalents Accounts receivable, net Merchandise inventories Current deferred tax assets, net Prepaid expenses and other 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; $ 1,011 $ 917 404 388 764 506 804 7 2,226 3,124 2,575 3,141 500 485 341 319 1,645 1,484 315 197.0 and 207.6 shares issued and outstanding Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity (47) 1,913 $ 8,089 517 (45) 1,956 $ 8,491