M3-24. Identify and Compute Net Operating Assets Following is the balance sheet for Lowe's Companies Inc. Identify and compute net operating assets (NOA) as of February 1, 2019. Assume that long-term investments are nonoperating. LOWE'S COMPANIES INC. Consolidated Balance Sheet S millions, except par value Feb. 1, 2019 Current assets Cash and cash equivalents. $ 511 Short-term investments.. 218 Merchandise inventory-net. 12,561 Other current assets. 938 Total current assets 14,228 Property, less accumulated depreciation 18,432 Long-term investments.. 256 Deferred income taxes-net. 294 Goodwill 303 Other assets 995 Total assets $34,508 Current liabilities Short-term borrowings $ 722 Current maturities of long-term debt. 1.110 Accounts payable... 8,279 Accrued compensation and employee benefits 662 Deferred revenue 1,299 Other current liabilities 2,425 Total current liabilities .. 14,497 Long-term debt, excluding current maturities. 14,391 Deferred revenue-extended protection plans. 827 Other liabilities 1,149 Total liabilities.. 30,864 Shareholders' equity Preferred stock-$5 par value, none issued 0 Common stock-$0.50 par value.. 401 Capital in excess of par value... 0 Retained earings 3,452 Accumulated other comprehensive loss. (209) Total shareholders' equity 3,644 Total liabilities and shareholders' equity. $34,508