Identifying and Computing ROPI Model Inputs 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	$1,778	$3,595
Receivables, net	1,936	1,952
Merchandise inventories	13,925	12,748
Other current assets	890	638
Total current assets	18,529	18,933
Net property and equipment	22,375	22,075
Goodwill	2,252	2,275
Other assets	847	1,246
Total assets	$44,003	$44,529

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	$1,339	$1,559
Accounts payable	7,755	7,244
Accrued salaries and related expenses	1,506	1,640
Sales taxes payable	656	520
Deferred revenue	1,782	1,805
Income taxes payable	11	54
Current installments of long-term debt	1,056	1,202
Other accrued expenses	2,611	2,170
Total current liabilities	16,716	16,194
Long-term debt, excluding current installments	26,807	24,267
Deferred income taxes	491	440
Other long-term liabilities	1,867	2,174
Total liabilities	45,881	43,075
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	89	89
Paid-in capital	10,578	10,192
Retained earnings	46,423	39,935
Accumulated other comprehensive loss	(772)	(566)
Treasury stock, at cost, 677 shares at February 3, 2019 and 622 shares at January 28, 2018	(58,196)	(48,196)
Total stockholders (deficit) equity	(1,878)	1,454
Total liabilities and stockholders equity	$44,003	$44,529

THE HOME DEPOT INC.
Consolidated Statements of Earnings
	February 3,	January 28,
For Fiscal Year Ended ($ millions)	2019	2018
Net Sales	$108,203	$100,904
Cost of sales	71,043	66,548
Gross profit	37,160	34,356
Operating expenses
Selling, general and administrative	19,513	17,864
Depreciation and amortization	1,870	1,811
Impairment loss	247	0
Total operating expenses	21,630	19,675
Operating income	15,530	14,681
Interest and other (income) expense:
Interest and investment income	(93)	(74)
Interest expense	1,051	1,057
Other	16	0
Interest and other, net	974	983
Earnings before provision for income taxes	14,556	13,698
Provision for income taxes	3,435	5,068
Net earnings	$11,121	$8,630

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

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

NOA	=	NNO	+	Stockholders' equity
	=		+

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 $247 million before tax ( $193 million after tax) to be a nonpersistent item. Exclude the after-tax amount from your NOPAT calculation. NOPAT: $