Calculate the following for each firm for fiscal year 2022:

a. Return on Net Operating Assets (RNOA)

b. Net Operating Profit Margin (NOPM)

c. Net Operating Asset Turnover (NOAT)

d. Financial Leverage (FLEV)

e. Spread (=RNOA Net Nonoperating Expense Percent)

f. Show that RNOA + (SPREAD FLEV) equals the same ROE that in computed in 1b. above.

g. In light of new information gathered from the separation of operating and nonoperating financial statement items, which company has the better performance?

Use a fiscal year 2022 statutory tax rate of 24.7% for Dollar Tree and 23.5% for Dollar General.