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This is the entire question. NORDSTROM, INC. Consolidated Balance Sheets ($ millions) Assets January 30, 2010 January 31, 2009 Current Assets Cash and cash equivalents

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NORDSTROM, INC. Consolidated Balance Sheets ($ millions) Assets January 30, 2010 January 31, 2009 Current Assets Cash and cash equivalents $ 795 $ 72 Accounts receivable, net 2,035 1,942 Merchandise inventories 898 900 Current deferred tax assets, net 238 210 Prepaid expenses and other 88 93 Total current assets 4,054 3,217 Land, buildings and equipment, net 2,242 2,221 Goodwill 53 53 Other assets 230 170 Total assets $ 6,579 $ 5,661 Liabilities and Shareholders' Equity Current liabilities Accounts payable $ 726 $ 563 Accrued salaries, wages and related benefits 336 214 Other current liabilities 596 525 Current portion of long-term debt 356 299 Total current liabilities 2,014 1,601 Long-term debt, net 2 ,257 2,214 Deferred property incentives, net 469 435 Other liabilities 267 201 Shareholders' equity Common stock, no par value 1,066 997 Retained earnings 525 223 Accumulated other comprehensive income (loss) (19) (10) Total shareholders' equity 1,572 1,210 Total liabilities and shareholders' equity $ 6,579 $ 5,661 1,796 SEP ... 27 MacBook AirHINT: For Sales use "Total revenues" for your computations, when applicable. a) Compute net operating profit after tax (NOPAT) for 2010. Assume that the combined federal and statutory rate is: 37.0%. (Round your answer to the nearest whole number.) 2010 NOPAT = $ 525,420,000 X (b) Compute net operating assets (NOA) for 2010 and 2009. 2010 NOA = $ 3,829 2009 NOA = $ 3,424 (c) Compute RNOA, net operating profit margin (NOPM), and net operating asset turnover (NOAT) for 2010. Do not use NOPM x NOAT to calculate RNOA. (Do not round until final answers. Roun to two decimal places.) 2010 RNOA = 14.49 X % 2010 NOPM = 6.09 X % 2010 NOAT = 2.37 (d) Compute net nonoperating obligations (NNO) for 2010 and 2009. 2010 NNO = $ 2,257,000,000 X 2009 NNO = $ 2,214,000,000 (e) Compute return on equity (ROE) for 2010. (Round your answers to two decimal places. Do not round until your final answer.) 2010 ROE = * % (f) Infer the nonoperating return component of ROE for 2010. (Use answers from above to calculate. Round your answer to two decimal places.) 2010 nonoperating return = 0 * % 1.796 SEP 27 MacBook Air esc 20 poo DII DD F1 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 a # $ % & 2 3 4 5 6Analysis and Interpretation of ROE and RNOA with No Noncontrolling Interest Balance sheets and income statements for Nordstrom, Inc. follow. Refer to these financial statements to answer the requirements. NORDSTROM, INC. Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) 2010 2009 2008 Sales $ 8,258 $ 8,272 $ 8,828 Credit card revenues 369 301 252 Total revenues 8,627 8,573 9,080 Cost of sales and related buying and occupancy costs (5,328) (5,417) (5,526) Selling, general and administrative expenses Retail (2,109) (2, 103) (2, 130) Credit (356) (274) (177) Earnings before interest and income taxes 834 779 1,247 Net interest expense (138) (131 ) (74) Earnings before income taxes 696 648 1,173 Income tax expense (255 ) (247) (458 ) Net earnings $ 441 $ 401 $ 715 NORDSTROM, INC. Consolidated Balance Sheets ($ millions) January 30, 2010 January 31, 2009 Assets 1,796 SEP ... 27 MacBook Air DII DD 20 F5 F6 F7 F8 F9 esc F1 F2 F3 F4

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