26. If a firm is 100% equity financed, which of the following must be true? a. The return on equity equals the return on assets b. Total assets equals total equity c. Both 'a' and 'b' d. None of the above. 27. All of the following are limitations of financial ratios except a. The Du Pont analysis b. Comparison with industry averages is difficult for a conglomerate firm that operates different divisions in different industries c. Sometimes it is hard to tell whether a ratio is good or bad d. Seasonal factors can distort ratios