Required a. Compute net operating assets (NOA) and net nonoperating obligations (NNO) for 2019. The companys NNO is negative because cash exceeds debt. NOA: $Answer

NNO: $Answer

b. Compute net operating profit after tax (NOPAT) for 2019 assuming a federal and state statutory tax rate of 22%. Note: Round your answer to the nearest whole dollar. NOPAT: $Answer

Forecasting with the Parsimonious Method and Estimating Share Value Using the ROPI Model Following are income statements and balance sheets for Nike Inc. NIKE INC. Consolidated Income Statements May 31, May 31, 2019 2018 For Year Ended ($ millions) Revenues $39,117 536,397 21.643 20,441 17,474 15,956 3.753 3,577 8.949 Cost of sales Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, nes Income before income taxes 7,934 11,511 12.702 (78) 4.801 4.325 Income tax expense 2.392 Nec income 54029 51.933 NIKE INC. Consolidated Balance Sheets May 31, May 31, 2019 2018 s millions Current assets $4,466 $4,249 Cash and equivalents Short-term investments 197 996 Accounts receivable, net 4,272 3,498 Inventories 5,622 5,261 Prepaid expenses and other current assets 1,968 1,130 Total current assets 16,525 15,134 4,744 4,454 Property, plant and equipment, net Identifiable intangible assets, net 283 285 Goodwill 154 154 Deferred income taxes and other assets 2,011 2,509 Total assets $23,717 $22.536 Current liabilities Current portion of long-term debt on $6 336 Notes payable Accounts payable 2.612 2.279 Accrued liabilities 5,010 3.269 Income taxes payable 229 150 Total current liabilities 7,866 6,040 3.468 Long-term debr Deferred income taxes and other liabilities 3.347 3.216 Commitments and contingencies (Note 18) Shareholders equity Conmon stock at stated value: 3 3 7.163 Class A convertible-315 and 329 shares outstanding Class 31,253 and 1.272 shares outstanding Capital in excess of stated value Accumulated other comprehensive income (loss) Retained earnings Total shareholders' equiry Total liabilities and shareholders equity (92) 1.648 523.717 522.536