Homework Answers
a. Computation of ROE :
ROE = Net income / Average shareholder's equity
Average shareholder's equity = ($1350300 + $1668222) /2 = $1509261
ROE = $232573/$1509261
= 15.41%
b. Computation of net nonoperating obligations
= Net operating income after taxes - Net income
= $(408547-154112) - $232573 = $21862
c. Computation of FLEV and Spread
FLEV = Average NNO / Average shareholder's equity
= $21862/$1509261= 1.44
Calculation of spread : RNOA - NNEP = 15.17% - 15% = 0.17%
d. ROE = RNOA + ( FLEV * SPREAD)
15.41% = 15.17% + (1.44*0.17%)
Therefore ROE = RNOA + ( FLEV * SPREAD)
e. Non operating return for the year = 15.41% - 15.17% = .24%.
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