Consider the following financial data for Goldman Sachs Group Inc. and Morgan Stanley for the fiscal year 2023:

($ millions)	Goldman Sachs Group Inc.	Morgan Stanley
Net sales	$100,000	$85,000
Cost of sales	50,000	45,000
Gross profit	50,000	40,000
Operating expenses:
Selling, general, and administrative	20,000	15,000
Research and development	5,000	3,000
Operating income	25,000	22,000
Interest and other (income) expense	2,500	2,000
Interest and investment income	(1,000)	(800)
Earnings before provision for income taxes	23,500	20,800
Provision for income taxes	7,000	6,000
Net earnings	$16,500	$14,800

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Goldman Sachs Group Inc. and Morgan Stanley. Assume a tax rate of 30%. 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 operating income over the past five years. How does it impact their financial health and ability to invest in new opportunities? d. Evaluate the interest coverage ratio for Goldman Sachs Group Inc. and Morgan Stanley. What does it indicate about their ability to meet interest obligations? e. Compare the net profit margins of Goldman Sachs Group Inc. and Morgan Stanley. What insights can be drawn about their cost management and profitability?