Direct Computation of Nonoperating Return with Noncontrolling Interest

Balance sheets and income statements for Costco Wholesale Corporation follow.

$\backslash$table$[[\backslash$table$[[$Caste Whaltasle Cerporation$],[$Cemstlidated Stathmats of Earning$]]],[$Por Peveal Yars Ended of milliant,$\backslash$table$[[$Septamber$],[2,2$at$13]]],[$Tolal reveriue,$5141,5/6],[$Operating enpertsis,$],[$Merchandies centa,$123,122],[$Selifye general and adiministative,$6,3$ sis$],[$Trecpeniry espenses,$68],[$Operating Intarne,$12,001],[$Ouher $($incume$)$ expertive,$],[$Intereal esperise,$73],[$Interent inturne and other, net,$121],[$Inturne before inturne tacoes,$12,040],[$Frovision fur incume lanes,$1,263],[$Net intume including noncontroling interesta,$10,$ rab$],[,(21]],[$Net insume attribulatale to Cuslea,$510,765]]$

$\backslash$table$[[\backslash$table$[[$Centes Wholeuthe Cerparation$],[$Cemplidated Balanes Shests$]]],[(5)$ milliant, eseapt par value and share detap,$\backslash$table$[[$geftembar$],[2,$ atit$]],\backslash$table$[[\backslash$table$[[$Enptambir$],[3,2017]]]]],[$Current asserts$],[$Cash and conh equivelunts,$52,783,54,246],[$Shert$-$lemingestrumts,$1,204,1,293],[$theceivablia$,$ nel,$1,662,656],[$Menthandoe invertaries,$11,040,9,934],[$Ouher turrent acosels,$14(14,2/2],[$Iolal currant inouels,$16,833,16,>41],[$Nel property and equipment,$19,681,18,161],[$Cuther mavels,$360,305],[$Iolal anvels,$337,3/4,330,100],[$Curtent liatilibes$],[$Accounta paysable,$$11,237,50,608],[$Accrued salaries and bensefits,$1,3,3,1,238],[$Accrual member rewerth,Duberred membership feas.,$144,1,498],[$Other current latalian,$3,014,1\mathrm{.}248],[$Iolal current labilies,$1/423,14,253],[$Lany$-$lerm debal,$2,2/1,6,4/3],[$Ouher hatilitus,$1,314,1,200],[$Iolal liabitioes,$21,108,22,325],[$tquily$],[$Preferred alock, $$5\mathrm{.}01$ par value.,$0,0],[$Common alock, $$0\mathrm{.}01$ par values,$4,4],[$Additional paid$-$in$-$Lapital,$8,830,7,405],[$Accumulated ather comprehemiver loss,$(1,1959,(1,014)],[$Beviainud varnings;,i$,8$B$>,3,985],[$Iolal Cosilu stockholdern' aquity,$15,221,12,433],[$Nuntontruling inlernals,$132,301],[$tolal equity,$12,666,12,1/4],[$Tolal latalities and equity,$$31,3/4,$$$39,100],[$Combined federal and shate shatulury bate tale,$22\mathrm{.}001$ s$,],[$D$$t$,,],[$BrVOA$,56\mathrm{.}16/*,]]$

a$.$ Compute net nonoperating cxpense $($NNE$)$ and net operating profit after tax $($NOPAT$)-q,$

nopar

$5106038$

b$.$ Compute net nonoperating oblgations $($NNO$)$ for $2018$ and $2017.$

$\backslash$table$[[$Year$,,$NaNO$],[2018,5,0],[2017,5,0]]$ a$.$ Compute net nonoperating expense $($NNE$)$ and net operating profit after tax $($NOPAT$).$

NNE

b$.$ Compute net nonoperating obligations $($NNO$)$ for $2018$ and $2017.$

c$.$ Compute financial leverage $($FLEV$).$

d$.$ Compute NNEP and Spread.

e$.$ Compute the noncontrolling interest ratio $($ NCl ratio$).`$

f$.$ Confirm the relation: Spread