P10-43. Adjustments for Multi-Year Capitalization of Operating Leases ANALYST ADJUSTMENTS 10.1 Use the information provided in Analyst Adjustments 10.1 for Lowe's along with the information below to answer the requirements. $ millions 2019 2018 2017 Net operating assets (NOA). Net nonoperating obligations (NNO) Total stockholders' equity. Net nonoperating expense (NNE) Net operating profit after tax (NOPAT). Net income Revenue $18,882 15,238 3,644 487 2,801 2,314 71,309 $21,770 15,897 5,873 494 3,941 3,447 68,619 $21,109 14,675 6,434 503 3,596 3,093 65,017 . . Required a. Compute the following ratios using the unadjusted and the adjusted numbers for each year. For sim- plicity here, use year-end numbers to calculate the ratios. Return on equity (ROE) Return on net operating assets (RNOA) Net operating profit margin (NOPM) Net operating asset turnover (NOAT) Financial leverage (FLEV) b. Does the lease capitalization make a large difference in any of these ratios? Explain. P10-43. Adjustments for Multi-Year Capitalization of Operating Leases ANALYST ADJUSTMENTS 10.1 Use the information provided in Analyst Adjustments 10.1 for Lowe's along with the information below to answer the requirements. $ millions 2019 2018 2017 Net operating assets (NOA). Net nonoperating obligations (NNO) Total stockholders' equity. Net nonoperating expense (NNE) Net operating profit after tax (NOPAT). Net income Revenue $18,882 15,238 3,644 487 2,801 2,314 71,309 $21,770 15,897 5,873 494 3,941 3,447 68,619 $21,109 14,675 6,434 503 3,596 3,093 65,017 . . Required a. Compute the following ratios using the unadjusted and the adjusted numbers for each year. For sim- plicity here, use year-end numbers to calculate the ratios. Return on equity (ROE) Return on net operating assets (RNOA) Net operating profit margin (NOPM) Net operating asset turnover (NOAT) Financial leverage (FLEV) b. Does the lease capitalization make a large difference in any of these ratios? Explain