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	2019	2018
Assets
Current assets
Cash and cash equivalents	$2,063	$4,170
Receivables, net	2,246	2,264
Merchandise inventories	16,153	14,788
Other current assets	1032	740
Total current assets	21,494	21,962
Net property and equipment	25,955	25,607
Goodwill	2,612	2,639
Other assets	983	1,445
Total assets	$51,044	$51,653

THE HOME DEPOT INC.
Consolidated Balance Sheets
	February 3,	January 28,
$ millions, except par value	2019	2018
Liabilities and Stockholders Equity
Current liabilities
Short-term debt	$1,553	$1,808
Accounts payable	8,996	8,403
Accrued salaries and related expenses	1,747	1,902
Sales taxes payable	761	603
Deferred revenue	2,067	2,094
Income taxes payable	13	63
Current installments of long-term debt	1,225	1,394
Other accrued expenses	3,029	2,517
Total current liabilities	19,391	18,784
Long-term debt, excluding current installments	31,096	28,150
Deferred income taxes	570	510
Other long-term liabilities	2,166	2,522
Total liabilities	53,223	49,966
Common stock, par value $0.05; 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, 2018	103	103
Paid-in capital	12,270	11,823
Retained earnings	53,851	46,325
Accumulated other comprehensive loss	(896)	(657)
Treasury stock, at cost, 677 shares at February 3, 2019 and 622 shares at January 28, 2018	(67,507)	(55,907)
Total stockholders (deficit) equity	(2,179)	1,687
Total liabilities and stockholders equity	$51,044	$51,653

THE HOME DEPOT INC.
Consolidated Statements of Earnings
	February 3,	January 28,
For Fiscal Year Ended ($ millions)	2019	2018
Net Sales	$125,515	$117,049
Cost of sales	82,410	77,196
Gross profit	43,105	39,853
Operating expenses
Selling, general and administrative	22,635	20,722
Depreciation and amortization	2,169	2,101
Impairment loss	287	0
Total operating expenses	25,091	22,823
Operating income	18,014	17,030
Interest and other (income) expense:
Interest and investment income	(108)	(86)
Interest expense	1,219	1,226
Other	19	0
Interest and other, net	1,130	1,140
Earnings before provision for income taxes	16,884	15,890
Provision for income taxes	3,985	5,879
Net earnings	$12,899	$10,011

a. Compute net operating assets (NOA) and net nonoperating obligations (NNO) for the fiscal year ended February 3, 2019. NOA: $Answer NNO: $Answer b. For the fiscal year ended February 3, 2019, show that: NOA = NNO + Stockholders equity.

NOA	=	NNO	+	Stockholders' equity
Answer	=	Answer	+	Answer

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 $287 million before tax ( $224 million after tax) to be a nonpersistent item. Exclude the after-tax amount from your NOPAT calculation. NOPAT: r