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I to have been reading IETC. However, I'm stuck on the Enterprising Income Statement. I've looked on in a couple of different annual reports, but don't see some of these terms. Looking at table 6.3 on page 76,I can't find "working capital line of credit, capitalized operating leases, or net capitalized intangibles." Are these found on the Balance Sheets of some companies and not others. I'm looking at WMT's annual report as I type this, is "Net Goodwill and other aquired intangible assets equal to net capitalized assets? Is "Obligations under capital leases due within one year" equal to capitalized operating leases?

Where did you get the After-tax rate you used in your example? I tried looking on the Ibbotson Associates site and on the site without success.

Where did the implied interest rate of 8% come from for determining the implied interest? Is this found in the footnotes of the annual report?

Thanks for your help. By the way,I'm trying to use this approach for Hibbet Sporting Goods, Inc. (HIBB) and I'll post the results.

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