Directly Compute Nonoperating Return

The following data are from

three recent fiscal years $($FY$)$ for Seneca Foods Corporation. Use this information to answer the requirements. Assume the statutory tax rate is $22\%.$

$ thousands FY$3$ FY$2$ FY$1$

Net sales $$1,509,352$ $$1,385,280$

Operating revenues $1,509,3521,385,280$

Operating expenses $1,456,4161,322,710$

Nonoperating expenses $14,3255,641$

Nonoperating revenues $6,7599,302$

Tax expense $12,23215,224$

Net earnings $33,13851,007$

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Operating assets $$1,227,044$ $$930,147$ $$840,855$

Operating liabilities $167,739185,074162,122$

Nonoperating liabilities $492,455178,119169,411$

Nonoperating assets $16,61416,88368,493$

Total equity $583,464583,837577,815$

Compute the following measures for fiscal year FY$3.$ The company has no noncontrolling interest.

a$.$ ROE $=$ Net income$/$ Average SE

Note: Round answers to the nearest dollar, if applicable.

Net earnings Average SE ROE

Answer $1$

$33,138$

Answer $2$

$583,651$

$5\mathrm{.}68$

b$.$ RNOA $=$ NOPAT$/$Average NOA

Note: Round answers to the nearest dollar, if applicable.

NOPAT Average NOA RNOA

Answer $3$

$0$

Answer $4$

$0$

c$.$ NNEP $=$ NNE$/$Average NNO

Note: Round answers to the nearest dollar, if applicable.

NNE Average NNO NNEP

Answer $5$

$0$

Answer $6$

$0$

d$.$ Spread $=$ RNOA $-$ NNEP

Note: Round percentages two places after the decimal $($ex: $0\mathrm{.}12345=12\mathrm{.}35\%).$

RNOA NNEP Spread

Answer $7$

$0$

Answer $8$

$0$

$0$

e$.$ FLEV $=$ Average NNO$/$Average total equity

Note: Round answers to the nearest dollar, if applicable.

Average NNO Average total equity FLEV

Answer $9$

$0$

Answer $10$

$0$

f$.$ ROE $=[$RNOA $+($FLEV $\backslash$times Spread$)]\backslash$times NCIR TIP: Small rounding differences from ROE calculated in part a$.$ are ignored.

Note: Round answers to two decimal places.

RNOA FLEV Spread NCIR ROE

Answer $11$

$0$

Answer $12$

$0$

Answer $13$

$0$

Answer $14$

$0$

$0$