Refer to the balance sheets and income statement below for Facebook Inc.

FACEBOOK INC.
Consolidated Statement of Income
For Year Ended December 31, $ millions	2018
Revenue	$57,513
Costs and expenses
Cost of revenue	9,355
Research and development	10,273
Marketing and sales	7,846
General and administrative	3,451
Total costs and expenses	30,925
Income from operations	26,588
Interest and other income (expense), net	448
Income before provision for income taxes	27,036
Provision for income taxes	3,249
Net income	$23,787

FACEBOOK INC.
Consolidated Balance Sheet
At December 31, $ millions	2018	2017
Current assets
Cash and cash equivalents	$10,019	$8,079
Marketable securities	31,095	33,632
Accounts receivable, net	7,815	5,832
Prepaid expenses and other current assets	1,779	1,020
Total current assets	50,708	48,563
Property and equipment, net	24,683	13,721
Intangible assets, net	1,294	1,884
Goodwill	18,301	18,221
Other assets	$2,576	$2,135
Total assets	$97,562	$84,524
Current liabilities
Accounts payable	$820	$380
Partners payable	541	390
Accrued expenses and other current liabilities	5,509	2,892
Deferred revenue and deposits	147	98
Total current liabilities	7,017	3,760
Other liabilities	6,190	6,417
Total liabilities	13,207	10,177
Stockholders' equity
Common stock and additional paid-in capital	42,906	40,584
Accumulated other comprehensive loss	(760)	(227)
Retained earnings	42,209	33,990
Total stockholders' equity	84,355	74,347
Total liabilities and stockholders' equity	$97,562	$84,524

Use these financial statements to answer the requirements.

Required

For the 2018 fiscal year, Facebook had a return on net operating assets (RNOA) of 61.78%.

a. Compute ROE.
Note: Round percentage to two decimal places (for example, enter 6.66% for 6.6555%).

b. Compute net nonoperating obligations (NNO) for 2018 and 2017, net nonoperating expense (NNE), and the NNE as a percentage of NNO (NNEP), assuming a 22% statutory tax rate.
Note: Round NNEP percentage to two decimal places (for example, enter 6.66% for 6.6555%).
2018 NNO: $Answer

million
2017 NNO: $Answer

million
2018 NNE: $Answer

million
2018 NNEP: Answer
c. Compute FLEV and Spread.
Note: For FLEV, round amount to four decimal places (for example, enter 6.7756 for 6.775555).
Note: Round Spread percentage to two decimal places (for example, enter 6.66% for 6.6555%).

d. Show that ROE = RNOA + (FLEV × Spread).
Note: For FLEV, round amount to four decimal places (for example, enter 6.7756 for 6.775555).
Note: For RNOA, Spread, and ROE, round percentages to two decimal places (for example, enter 6.66% for 6.6555%).

RNOA	+ (	FLEV	x	Spread	=	ROE
Answer	+ (	Answer	x	Answer	) =	Answer

e. What is the nonoperating return for the year?
Note: Round Spread percentage to two decimal places (for example, enter 6.66% for 6.6555%).