Ratio information for a company and its industry are shown below:

	Profit Margin	Asset Turnover	Equity Multiplier
Company:	18%	1.50	1.00
Industry:	13%	1.80	1.40

Which of the following statements is most FALSE?

a.	The companys return on equity is hurt by the fact that it has no debt.
	b.	Both the industrys ROE and ROA are stronger than for the company, even though the company has 5 percentage points more of profit margin.
	c.	Out of sales revenue generated, the company lost 82% to expenses compared to the industry losing 87% to expenses.
	d.	The company needs to increase its debt level some and/or improve the productiveness of its assets in order to keep up with the industrys return on equity.
	e.	The companys return on assets equals its return on equity.