Compute RNOA with Disaggregation $ millions May. 10, 2020 Feb. 20, 2019 Operating assets $42,225 $40,934...
Compute RNOA with Disaggregation
| $ millions | May. 10, 2020 | Feb. 20, 2019 |
|---|---|---|
| Operating assets | $42,225 | $40,934 |
| Nonoperating assets | 1,778 | 3,595 |
| Total assets | $44,003 | $44,529 |
| Operating liabilities | $16,679 | $16,047 |
| Nonoperating liabilities | 29,202 | 27,028 |
| Total liabilities | $45,881 | $43,075 |
| Net sales | $108,203 | |
| Operating expense before tax | 92,673 | |
| Net operating profit before tax (NOPBT) | 15,530 | |
| Other expense | 974 | |
| Income before tax | 14,556 | |
| Tax expense | 3,435 | |
| Net income | $11,121 |
Round all answers to two decimal places (ex:
0.12345 = 12.35%)
a. Compute return on net operating assets (RNOA).
RNOA = 48.04 (incorrect)
b. Disaggregate RNOA into components of profitability and productivity and show that the product of the two components equals RNOA. Assume a statutory tax rate of 22%.
NOPM = 11.19% (incorrect)
NOAT = 4.29 (correct)
Homework Answers
| Part A Solution |
| Return on net operating asset (RNOA) = Net operating profit after tax/Net operating asset |
| Current tax rate: Tax expense/ Income before tax |
| .=3435/14556 = 23.6% |
| Net operating profit before tax (NOPBT)= 15,530 |
| Net operating profit after tax (NOPAT)= 15,530 * (1-.236) = 11,864.92 |
| Avg. operating asset = (42,225 + 40,934)/2 = 41,579.5 |
| Avg. operating liability = (16,679 + 16,047)/2 = 16,363 |
| Net operating asset = 41,579.5 - 16,363 = 25,216.5 |
| RNOA = 11,864.92/25,216.5 = 47.05% |
| Part B Solution |
| RNOA= NOPAT/Avg. NOA = (NOPAT/Sales) * (Sales/Avg. NOA) |
| Net operating profit before tax (NOPBT)= 15,530 |
| New tax rate = 22% |
| Net operating profit after tax (NOPAT)= 15,530 * (1-.22) = 12,113.4 |
| Sales = 108,203 |
| Net operating asset = 41,579.5 - 16,363 = 25,216.5 |
| Net operating profit margin (NOPM): Net operating profit after tax/ Sales |
| =12,113.4/108,203 = 11.19% |
| Net operating asset turnover (NOAT): Sales/ net operating asset |
| =108,203/25,216.5 = 4.29 |
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Compute RNOA with Disaggregation
$ millions
May. 10, 2020
Feb. 20, 2019
Operating assets
$42,225
$40,934...
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