# Exhibit 5.24 presents balance sheets for Year 2 and Year

Question
a. For Year 3, prepare the standard decomposition of ROCE into margin, turnover, and leverage. Use average balances for balance sheet amounts. b. Assume that all cash is operating cash (that is, no excess cash). Also assume that deferred lease liabilities are operating. Prepare the alternative decomposition of ROCE by computing NOPAT, net financing expense (after tax), operating profit margin, net operating assets turnover, operating ROA, leverage, and spread for Year 3. Use average balances for balance sheet amounts. c. Use the same assumptions as in Requirement b, except that all cash is a financing asset (that is, all cash is excess cash) and deferred lease liabilities are a financing obligation. Prepare the alternative decomposition of ROCE by computing NOPAT, net financing expense (after tax), operating profit margin, net operating assets turnover, operating ROA, leverage, and spread for Year 3. Use average balances for balance sheet amounts. d. Does the different treatment of financial assets and liabilities affect inferences you draw from the decomposition of ROCE? Explain.

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