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Use the following Balance Sheets for CarMax and Compute the average net operating assets (NOA) for 2019. (In thousands except share data) 2019 2018 ASSETS

Use the following Balance Sheets for CarMax and Compute the average net operating assets (NOA) for 2019.

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(In thousands except share data) 2019 2018 ASSETS CURRENT ASSETS: Cash and cash equivalents 46,938 $ 44,525 Restricted cash from collections on auto loan receivables 440,669 399,442 Accounts receivable, net 139,850 133,321 Inventory 2,519,455 2,390,694 Other current assets 67,101 93,462 TOTAL CURRENT ASSETS 3,214,013 3,061,444 Auto loan receivables, net 12,428,487 11,535,704 Property and equipment, net 2,828,058 2,667,061 Deferred income taxes 61,346 63,256 Other assets 185,963 158,807 TOTAL ASSETS 18,717,867 $ 17,486,272 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 593,171 $ 529,733 Accrued expenses and other current liabilities 316,215 278,771 Accrued income taxes 3,784 Short-term debt 1,129 127 Current portion of financing and capital lease obligations 12,166 9,994 Current portion of non-recourse notes payable 385,044 355,433 TOTAL CURRENT LIABILITIES 1,311,509 1,174,058 Long-term debt, excluding current portion 1,163,795 995,479 Financing and capital lease obligations, excluding current portion 515,240 490,369 Non-recourse notes payable, excluding current portion 12,127,290 11,266,964 Other liabilities 243,005 242,553 TOTAL LIABILITIES 15,360,839 14,169,423Commitments and contingent liabilities SHAREHOLDERS' EQUITY: Common stock, $0.50 par value; 350,000,000 shares authorized; 167,478,924 and 179,747,894 shares issued and outstanding as of February 28, 2019 and February 28, 2018, respectively 83,739 89,874 Capital in excess of par value 1,237,153 1,234,047 Accumulated other comprehensive loss (68,010) (54,312) Retained earnings 2,104,146 2,047,240 TOTAL SHAREHOLDERS' EQUITY 3,357,028 3,316,849 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 18,717,867 $ 17,486,272

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