Balance sheets and income statements for Tiffany & Company follow. Refer to these financial statements to answer the requirements Consolidated Balance Sheet Jan. 30, 2016 Jan. 31, 2015 Assets Cash and cash equivalents $595 196 1,945 278 3,014 3,735 435 514 $7,698 5827 2,306 1,733 358 5,224 3,340 435 Accounts receivable, net Prepaid expenses Total current assets Land, property and equipment, net Goodwill Other assets Total assets Liabilities and Shareholders' Equity Accounts payable Accrued expenses Other current liabilities Current portion of long-term debt Total current liabilities Long-term debt, net Other liabilities 246 $9,245 $1,328 416 1,048 $1,324 416 1,161 10 2,911 2,795 1,121 2,800 3,123 882 Shareholders' equity: Common stock, no par value: 1,000 shares authorized; 173.5 and 190.1 shares issued and outstanding (Accumulated deficit) Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity 2,539 2,338 (1,610) (58) 871 166 (64) 2,440 $9,245 $7,698 Problem 2 (continued) Feb. 01,2014 $ 12,166 7,363 3,453 Jan. 30, 2016 Jan. 31, 2015 Consolidated Income Statement Net sales Cost of sales Selling, general and administrative expenses Total operating expenses Earnings before interest and income taxes Interest income Interest expense Earnings before income taxes Income tax expense Net earnings $ 13,110 $ 14,095 8,826 4,168 12,994 8,010 3,777 11,787 10,816 1,101 1,3231,350 25 (150) 976 376 $ 600 30 (168) 1,185 465 $ 720 32 (193) 1,189 455 $ 734 Compute net operating asset turnover (NOAT) for 2016. e. f. Compute the net nonoperating obligations NNO for 2016 and 2015. 2016 2015 Nonoperating liabilities Nonoperating assets Net nonoperating obligations g. Compute return on equity (ROE) for 2016. h. Compute the nonoperating return component of ROE for 2016