Following are the balance sheets and statement of earnings for Home Depot Inc. for fiscal year ended February $3,2019,$ which the company labels fiscal year $2018.$

THE HOME DEPOT INC.

Consolidated Balance Sheets

February $3,$ January $28,$

$ millions, except par value $20192018$

Assets

Current assets

Cash and cash equivalents $$1,742$ $$3,523$

Receivables, net $1,8971,913$

Merchandise inventories $13,64712,493$

Other current assets $872625$

Total current assets $18,15818,554$

Net property and equipment $21,92821,634$

Goodwill $2,2072,230$

Other assets $8301,221$

Total assets $$43,123$ $$43,639$

THE HOME DEPOT INC.

Consolidated Balance Sheets

February $3,$ January $28,$

$ millions, except par value $20192018$

Liabilities and Stockholders$$ Equity

Current liabilities

Short$-$term debt $$1,312$ $$1,528$

Accounts payable $7,6007,099$

Accrued salaries and related expenses $1,4761,607$

Sales taxes payable $643510$

Deferred revenue $1,7461,769$

Income taxes payable $1153$

Current installments of long$-$term debt $1,0351,178$

Other accrued expenses $2,5592,127$

Total current liabilities $16,38215,871$

Long$-$term debt, excluding current installments $26,27123,782$

Deferred income taxes $481431$

Other long$-$term liabilities $1,8302,131$

Total liabilities $44,96442,215$

Common stock, par value $$0\mathrm{.}05$; authorized: $10,000$ shares; issued: $1,782$ at February $3,2019$ and $1,780$ shares at January $28,2018$; outstanding: $1,105$ shares at February $3,2019$ and $1,158$ shares at January $28,20188787$

Paid$-$in capital $10,3669,988$

Retained earnings $45,49539,136$

Accumulated other comprehensive loss $(757)(555)$

Treasury stock, at cost$,677$ shares at February $3,2019$ and $622$ shares at January $28,2018(57,032)(47,232)$

Total stockholders$($deficit$)$ equity $(1,841)1,424$

Total liabilities and stockholders$$ equity $$43,123$ $$43,639$

THE HOME DEPOT INC.

Consolidated Statements of Earnings

February $3,$ January $28,$

For Fiscal Year Ended $($$ millions$)20192018$

Net Sales $$106,039$ $$98,886$

Cost of sales $69,62265,217$

Gross profit $36,41733,669$

Operating expenses

Selling, general and administrative $19,12317,507$

Depreciation and amortization $1,8331,775$

Impairment loss $2420$

Total operating expenses $21,19819,282$

Operating income $15,21914,387$

Interest and other $($income$)$ expense:

Interest and investment income $(91)(73)$

Interest expense $1,0301,036$

Other $160$

Interest and other, net $955963$

Earnings before provision for income taxes $14,26413,424$

Provision for income taxes $3,3664,967$

Net earnings $$10,898$ $$8,457$

a$.$ Compute net operating assets $($NOA$)$ and net nonoperating obligations $($NNO$)$ for the fiscal year ended February $3,2019.$

NOA: $Answer

$0$

NNO: $Answer

$0$

b$.$ For the fiscal year ended February $3,2019,$ show that: NOA $=$ NNO $+$ Stockholders$$ equity.

NOA $=$ NNO $+$ Stockholders' equity

Answer

$0$

$=$ Answer

$0$

$+$ Answer

$0$

c$.$ Compute net operating profit after tax $($NOPAT$)$ for the year ended February $3,2019.$ Assume a federal and state combined statutory tax rate of $22\%.$ Also, consider the Impairment loss of $$242$ million before tax $($ $$189$ million after tax$)$ to be a nonpersistent item. Exclude the after$-$tax amount from your NOPAT calculation.

NOPAT: $Answer

$0$