Hello, Could you please help with the attached assignment? Showing how you got your answers is very important. There are seven tabs on this excel.

Thank you,

M10-10 Analyzing and Interpreting Lease Footnote Disclosures The Gap, Inc., discloses the following schedule to its 2013 10-K report relating to its leasing activities Fiscal Year ($ millions) 2013 2014 2015 2016 2017 Thereafter Total Minimum Lease Commitments $ $ $ $ $ $ $ 1,093 1,069 924 753 584 1,709 6,132 a. compte the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nea b. What types of adjustments might we consider to GAP's balance sheet and income statement for analysis purposes? es maining lease term to the nearest whole year r analysis purposes? M10-17 Analyzing and Interpreting Disclosure on Contract Manufacturers Nike, Inc. reports the following information relating to its manufacturing activities in footnotes to its 10-K report for the year ended May 31, 2013. Manufacturing: Virtually all of our footwear is manufactured outside of the United States by indepdendent contract manufacturers. In fiscal 2013, contract factories in Vietnam, China, and Indonesia manufactured approximately 42%, 30%, and 26% of total NIKE Brand footwear, respectively We also have manufacturing agreements with independent factories in Argentina, Brazil, India, and Mexico to manufacture footwear for sale primarily within those countries. The largest single footwear factory with which we have contracted accounted for approximately 6% of total fiscal 2013 NIKE Brand footwear production. Almost all of NIKE Brand apparel is manufactured outside of the United State by independent contract manufacturers located in 28 countries. Most of this apparel production occurred in China, Vietnam, Thailand, Indonesia, Sri Lanka, Pakistan, Malaysia, Turkey, Mexico, and Cambodia. The largest single apparel factory that we have contracted with accounted for approximately 6% of total fiscal 2013 apparel production. a. What effect does the use of contract manufacturers have on Nike's balance sheet? b. How does Nike's use of contract manufacturers affect NIKE's return on Net Operating Assets (RNOA) and its components, net operating profit margin (NOPM) and net operating asset turnover (NOAT)? Explain c. NIKE executes agreements with its contract manufacturers to purchase their output. How are such "Executory contracts" reported under GAAP? Does your answer suggest a possible motivation for the use of contract manufacturing? OA) Explain ch Q11-6 Identify and describe the four major steps in forecasting financial statements Q11-8 Describe the rationale for use of year-end balances in the computation of turnover rates (and other percentages) that are used to forecast selected balance sheet accounts. er percentages) E12-15 Estimating Share Value Using the DCF Model Following are forecasts of Abercrombie & Fitch Co.'s sales, net operating profit after tax (NOPAT) and net operating assets (NOA) as of February 2, 2013. Reported Horizon Period Terminal (In millions) 2013 2014 2015 2016 2017 Period Sales $ 4,511 $ 4,872 $ 5,262 $ 5,683 $ 6,138 $ 6,261 NOPAT 242 261 282 305 329 336 NOA 1,446 1,562 1,687 1,821 1,967 2,007 Answer the following requirements assuming a discount rate (WACC) of 10%, a terminal period growth rate of 2%, common shares outstanding of 78.4 million, and net nonoperating obligations (NNO) of$(372) million (negative NNO reflects net nonoperating assets such as investments rather than net obligations) a. Estimate the value of a share of Abercrombie & Fitch common stock using the discounted cash flow (DCF) model as of February 2, 2013. b. Abercrombie & Fitch (ANF) Stock closed at $45.46 on April 2, 2013 the date the 10-K was filed with the SEC. How does your valuation estimate compare with this closing price? What do you believe are some reasons for the differences? AT) od growth NO) of$(372) bligations) cash led ou E12-16 Estimating Share Value Using the ROPI Model Refer to the informatin in E12-15 to answer the following requirements. Reported Horizon Period Terminal (In millions) 2013 2014 2015 2016 2017 Period Sales $ 4,511 $ 4,872 $ 5,262 $ 5,683 $ 6,138 $ 6,261 NOPAT 242 261 282 305 329 336 NOA 1,446 1,562 1,687 1,821 1,967 2,007 a. Estimate the value of a share of Abercrombie & Fitch common stock usin gthe residual operating income (ROPI) model as of February 2, 2013. b. Abercrombie & Fitch stock closed at $45.46 on April 2, 2013, the date the 10-K was filed with the SEC. How does your valuation compare with this closing price? What do you believe are some reasons for the difference? l operating ed with the e P12-31 Forecasting and Estimating Share Value Using the DCF Model Following are the income statement and balance sheet for Kellogg Company KELLOGG COMPANY Consolidated Statement of Income For Year Ended December 31 (in millions) 2012 2011 2010 Net Sales $ 14,197 $ 13,198 $ 12,397 Cost of Goods Sold 8,763 8,046 7,055 Selling, General and Administrative expense 3,872 3,725 3,305 Operating Profit 1,562 1,427 2,037 Interest expense 261 233 248 Other income (expense), net 24 (10) 1 income before income taxes 1,325 1,184 1,790 income taxes 363 320 510 Earnings (loss) from joint ventures (1) Net income 961 864 1,280 Net loss attributable to noncontrolling interests (2) (7) Net income attributable to Kellogg Company $ 961 $ 866 $ 1,287 KELLOGG COMPANY Consolidated Balance Sheet (millions, except share data) Current Assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property, net Goodwill Other intangibles, net Other assets Total assets Current Liablities Current maturities of long-term debt Notes payable Accounts payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Pension liability Other liabilities 2012 2011 $ 281 $ 460 1,454 1,188 1,365 1,174 280 247 3,380 3,069 3,782 3,281 5,053 3,623 2,359 1,454 610 516 $ 15,184 $ 11,943 $ 755 $ 1,065 1,402 1,301 4,523 6,082 523 886 690 761 234 1,189 1,129 3,313 5,037 643 560 592 Equity Common stock, $.25 par value, 1,000,000 shares authorized Issued: 419,718,217 shares in 2012 and 419,484,087 shares in 2011 Capital in excess of par value Retained earnings Treasury stock at cost: 58,452,083 shares in 2012 and 62,182,500 shares in 2011 Accumulated other comprehensive income (loss) Total Kellogg Company equity Noncontrolling interests Total Equity Total Liabilities and Equity 105 573 5,615 105 522 5,305 (2,943) (931) 2,419 61 2,480 $ 15,184 $ (3,130) (1,006) 1,796 2 1,798 11,943 Required: a. compute net operating assets (NOA) as of year end 2012. b. Compute net operating profit after tax (NOPAT) for 2012, assuming a federal and state statutory tax rate of 37% c. Forecast Kellogg's sales, NOPAT, and NOA for 2013 through 2016 using the following assumptions: Sales growth Net operating profit margin (NOPM) Net Operating asset turnover (NOAT), year end 8.00% 7.80% 1.41% Forecast the terminal period value using a 1% terminal period growth using the NOPM and NOAT assumptions above. d. Estimate the value of a share of Kellogg common stock using the discounted cash flow (DCF) model; assume a discount rate (WACC) of 6%, common shares outstanding of 361.3 million, net nonoperating obligations (NNO) of $7,621 million, and noncontrolling interest (NCI) from the balance sheet of $61 million. e. Kellogg's stock closed at $59.95 on February 26, 2013, the date the Form 10-K was filed with the SEC. How does your valuation estimate compare with this closing price? What do you belive are some reasons for the difference? NOAT assumptions above