way toonswer questions 11-13 2011 Sales revenue Operating expenses Depreciation Interest expense Income before tax Tax Net income 2012 20,000 (15,500) (2.000) (950) 1,550 (620) 930 Accounts receivable Inventory PP&E Accounts payable Deferred tax liability Shareholders' equity 5,400 5,900 8,000 2,200 300 16,800 5,200 6,200 8,000 2,400 410 16,590 12. Assuming a tax rate of 40%, what was NOPAT in 2012? a. $1500 b. $1610 C. $1710 d. $1850