Identifying and Computing Net Operating Assets (NOA) and Net Nonoperating Obligations (NNO) 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	$2,098	$4,242
Receivables, net	2,284	2,303
Merchandise inventories	16,432	15,043
Other current assets	1050	753
Total current assets	21,864	22,341
Net property and equipment	26,403	26,049
Goodwill	2,657	2,685
Other assets	999	1,470
Total assets	$51,923	$52,545

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	$1,580	$1,840
Accounts payable	9,151	8,548
Accrued salaries and related expenses	1,777	1,935
Sales taxes payable	774	614
Deferred revenue	2,103	2,130
Income taxes payable	13	64
Current installments of long-term debt	1,246	1,418
Other accrued expenses	3,081	2,561
Total current liabilities	19,725	19,110
Long-term debt, excluding current installments	31,632	28,635
Deferred income taxes	579	519
Other long-term liabilities	2,203	2,565
Total liabilities	54,139	50,829
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	105	105
Paid-in capital	12,482	12,027
Retained earnings	54,779	47,123
Accumulated other comprehensive loss	(911)	(668)
Treasury stock, at cost, 677 shares at February 3, 2019 and 622 shares at January 28, 2018	(68,671)	(56,871)
Total stockholders (deficit) equity	(2,216)	1,716
Total liabilities and stockholders equity	$51,923	$52,545

THE HOME DEPOT INC.
Consolidated Statements of Earnings
	February 3,	January 28,
For Fiscal Year Ended ($ millions)	2019	2018
Net Sales	$127,680	$119,067
Cost of sales	83,831	78,527
Gross profit	43,849	40,540
Operating expenses
Selling, general and administrative	23,025	21,080
Depreciation and amortization	2,207	2,137
Impairment loss	291	0
Total operating expenses	25,523	23,217
Operating income	18,326	17,323
Interest and other (income) expense:
Interest and investment income	(110)	(87)
Interest expense	1,240	1,247
Other	19	0
Interest and other, net	1,149	1,160
Earnings before provision for income taxes	17,177	16,163
Provision for income taxes	4,053	5,980
Net earnings	$13,124	$10,183

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 $291 million before tax ( $228 million after tax) to be a nonpersistent item. Exclude the after-tax amount from your NOPAT calculation. Note: Round your answer to the nearest whole dollar. NOPAT: $Answer