Below is the financial information for Exxon Mobil Corporation and Chevron Corporation for the fiscal year 2023:

($ millions)	Exxon Mobil Corporation	Chevron Corporation
Net sales	$397,000	$258,000
Cost of sales	240,000	160,000
Gross profit	157,000	98,000
Operating expenses:
Selling, general, and administrative	50,000	35,000
Research and development	5,000	3,500
Operating income	102,000	59,500
Interest and other (income) expense	9,500	7,000
Interest and investment income	(2,500)	(2,000)
Earnings before provision for income taxes	95,000	54,500
Provision for income taxes	23,000	13,000
Net earnings	$72,000	$41,500

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Exxon Mobil Corporation and Chevron Corporation. Assume a tax rate of 25%. b. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) for both companies. Discuss the key factors affecting their ROA. c. Analyze the trend in research and development (R&D) expenses over the past five years. How does it impact their innovation and long-term growth? d. Evaluate the current ratio and quick ratio for Exxon Mobil Corporation and Chevron Corporation. What does it reveal about their short-term liquidity? e. Compare the interest coverage ratios for Exxon Mobil Corporation and Chevron Corporation. What insights can be drawn about their financial stability and ability to meet interest obligations?