This is just one part question. Thank you.

*P4-41. Analysis and Interpretation of Profitability Balance sheets and income statements for 3M Company follow. 3M COMPANY Consolidated Statements of Income For Years Ended Dec. 31 ($ millions) 2015 2014 2013 $30,274 $31.821 $30,871 15,383 6,182 1,763 23,328 6,946 16,447 6,469 1,770 24,686 7,135 16,106 6,384 1,715 24,205 6,666 Net sales.. Operating expenses Cost of sales. Selling, general and administrative expenses Research, development and related expenses Total operating expenses Operating income... Interest expense and income Interest expense.. Interest income. Total interest expense net. Income before income taxes Provision for income taxes.. Net income including noncontrolling interest. Less: Net income attributable to noncontrolling interest Net income attributable to 3M.. 149 (26) 123 6,823 1,982 4,841 8 $ 4,833 142 (33) 109 7,026 2,028 4,998 42 $ 4,956 145 (41) 104 6,562 1,841 4,721 62 $ 4,659 3M COMPANY Consolidated Balance Sheets At December 315 millions, except per share amount) 2015 2014 $ 1,798 118 4,154 $ 1,897 1,439 4,238 Current assets Cash and cash equivalents. Marketable securities-current. Accounts receivable-net of allowances of $91 and $94. Inventories: Finished goods Work in process Raw materials and supplies Total inventories. Other current assets Total current assets. Marketable securities-noncurrent Investments Property, plant and equipment. Less: Accumulated depreciation. Property, plant and equipment-net Goodwill. Intangible assets-net Prepaid pension benefits Other assets Total assets. 1,655 1,008 855 3,518 1,398 10,986 9 117 23,098 (14,583) 8,515 9.249 2,601 188 1,053 $32,718 1,723 1,081 902 3,706 1.023 12,303 15 102 22,841 (14,352) 8,489 7,050 1,435 46 1.769 $31,209 continued 2014 1,807 continued from previous page At December 31 (5 millions, except per share amount) Liabilities Current liabilities Short-term borrowings and current portion of long-term debt.... Accounts payable. Accrued payroll Accrued income taxes Other current liabilities Total current liabilities Long-term debt Pension and postretirement benefits Other liabilities Total liabilities d. Compute net nonoperating obligations (NNO) for 2015 and 2014. Confirm the relation: N04 - 8. Comment on the difference between ROE and RNOA. What inference can we draw from 2015 $ 2,044 $ 106 1,694 644 732 332 435 2,404 2.884 7,118 5,964 8,753 6,705 3,520 3,843 1,580 1,555 $20,971 $18,067 Equity 3M Company shareholders' equity: Common stock, par value $0.01 per share; Shares outstanding-2015: 609,330,124; $ 9 Shares outstanding-2014: 635,134,594 4.791 Additional paid-in capital 36,575 Retained earnings (23,308) Treasury stock Accumulated other comprehensive income (loss) (6,359) Total 3M Company shareholders' equity 11,708 Noncontrolling interest .. 39 Total equity $11.747 Total liabilities and equity $32,718 Required a. Compute net operating profit after tax (NOPAT) for 2015. Assume that the combined federal con state statutory tax rate is 37% b. Compute net operating assets (NOA) for 2015 and 2014. Treat noncurrent investments as a nome erating item. c. Compute and disaggregate 3M's RNOA into net operating profit margin (NOPM) and net asset turnover (NOAT) for 2015. Demonstrate that RNOA = NOPM X NOAT. NNO+Total equity e. Compute return on equity (ROE) for 2015 5. What is the nonoperating return component of ROE for 2015? comparison? P4.42 Computo $ 9 4,379 34 317 (19,307 (6.289 13,109 93 $13,142 $31,209 operating