Balance sheets and income statements for Tiffany&Company follow. Refer to these answer the requirements. financial statements to Consolidated Balance Sheet Assets Cash and cash equivalents Accounts receivable, net Merchandise inventories Prepaid expenses Total current assets Land, property and equipment, net Goodwill Other assets Total assets Jan. 30, 2016 Jan. 31, 2015 $595 196 1,945 278 3,014 3,735 435 514 $7,698 $827 2,306 1,733 358 5,224 3,340 435 246 $9,245 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 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 $1,324 416 1,161 $1,328 416 1,048 2,911 2,795 1,121 2,800 3,123 882 2,539 2,338 (1,610) (58) 871 $7,698 166 (64) 2,440 $9,245 Jan. 30, 2016 Jan. 31, 2015 Feb. 01, 2014 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 12,166 7,363 3,453 10,816 S 14,095 8,826 4,168 12994 1,101 25 (150) 976 376 S 600 $ 13,110 8,010 3,777 11.77 1051 1,350 32 (193) 1,189 455 S 720$ 734 1,323 30 (168) 1,185 465 Required: Using an operating perspective a. Compute net operating profit after tax (NOPAT) for 2016. Assume the combined federal and state statutory tax rate is 37% b. Compute net operating assets (NOA) for 2016 and 2015. 2016 2015 Operating assets Operating liabilities Net operating assets c. Compute return on net operating assets (RNOA) for 2016