Income statements and balance sheets follow for Microsoft Corporation. Refer to these financial statements to answer the requirements.

Microsoft Corporation Income Statements
	Year ended June 30,
(in millions)	2011	2010
Revenue	69,943	62,484
Cost of revenue	15,577	12,395
Research and development	9,043	8,714
Sales and marketing	13,940	13,214
General and administrative	4,222	4,063
Total operating expenses	42,782	38,386
Operating income	27,161	24,098
Other income	910	915
Income before income taxes	28,071	25,013
Provision for income taxes	4,921	6,253
Net income	23,150	18,760

Microsoft Corporation Balance Sheets
	As of June 30,
($ millions)	2011	2010
Cash and cash equivalents	$ 9,610	$ 5,505
Short-term investments	43,162	31,283
Accounts receivable, net	14,987	13,014
Inventories	1,372	740
Deferred income taxes	2,467	2,184
Other current assets	3,320	2,950
Total current assets	74,918	55,676
Property plant and equipment, net	8,162	7,630
Equity and other investments	10,865	7,754
Goodwill	12,581	12,394
Intangible assets, net	744	1,158
Other long-term assets	1,434	1,501
Total assets	$108,704	$86,113

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Microsoft Corporation Balance Sheets (continued)
	As of June 30,
($ millions)	2011	2010
Accounts payable	$ 4,197	$ 4,025
Short-term debt	0	1,000
Accrued compensation	3,575	3,283
Income taxes	580	1,074
Short-term unearned revenue	15,722	13,652
Securities lending payable	1,208	182
Other	3,492	2,931
Current liabilities	28,774	26,147
Long-term debt	11,921	4,939
Long-term unearned revenue	1,398	1,178
Deferred income taxes	1,456	229
Other long-term liabilities	8,072	7,445
Total liabilities	51,621	39,938
Common stock and paid-in capital	63,415	62,856
Retained deficit	(6,332)	(16,681)
Total equity	57,083	46,175
Total liabilities and equity	$108,704	$ 86,113

b. Compute net operating assets (NOA) for 2011 and 2010. Assume Equity and other investments are operating assets. (4 points)