Consider the following financial data for Berkshire Hathaway Inc. and JPMorgan Chase & Co. for the fiscal year 2023:

($ millions)	Berkshire Hathaway Inc.	JPMorgan Chase & Co.
Net sales	$278,094	$133,892
Cost of sales	185,436	73,948
Gross profit	92,658	59,944
Operating expenses:
Selling, general, and administrative	42,183	23,109
Research and development	6,982	5,746
Operating income	43,493	31,089
Interest and other (income) expense	7,421	4,210
Interest and investment income	(2,311)	(1,865)
Earnings before provision for income taxes	38,383	28,744
Provision for income taxes	9,596	6,898
Net earnings	$28,787	$21,846

Required: a. Compute the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Berkshire Hathaway Inc. and JPMorgan Chase & Co. Assume a tax rate of 25%. b. Break down the ROA into profit margin (PM) and asset turnover (AT) for both companies. Identify the primary drivers of their ROA. c. Assess the trend in net earnings over the past five years. What does it indicate about the overall financial health of the companies? d. Evaluate the debt-to-equity ratio for Berkshire Hathaway Inc. and JPMorgan Chase & Co. What does it imply about their financial risk and leverage? e. Compare the research and development (R&D) expenses as a percentage of sales for Berkshire Hathaway Inc. and JPMorgan Chase & Co. What can be inferred about their investment in innovation?