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Following is the income statement for Lowes Companies Inc. Compute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019,
Following is the income statement for Lowes Companies Inc.
Compute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019, assuming a 22% total statutory tax rate.
LOWE'S COMPANIES INC. Consolidated Statement of Earnings \begin{tabular}{|l|r|} \hline Twelve Months Ended (In millions) & Feb. 1, 2019 \\ \hline Net sales & $80,579 \\ \hline Cost of sales & 54,693 \\ \hline Gross margin & 25,886 \\ \hline Expenses & \\ \hline Selling, general and administrative & 19,677 \\ \hline Depreciation and amortization & 1,669 \\ \hline Operating income & 4,540 \\ \hline Interest expense, net & 705 \\ \hline Pretax earnings & 3,835 \\ \hline Income tax provision & 1,220 \\ \hline Net earnings & $2,615 \\ \hline \end{tabular}Step by Step Solution
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