Review Apple's and Microsoft's $10-$K for the fiscal year $2023.$ Use the information to

answer the following:

Compute the return on common shareholders' equity $($ROE$)$ for Apple and Microsoft for

the fiscal year using average common equity in the denominator. What page$($s$)$ on Form

$10-K$ that supports your calculation.

Use the basic Dupont analysis to decompose each company's ROE into margin,

turnover, and leverage. Use the simple average of the beginning and ending balances

for balance sheet items, such as total assets and common equity, in the calculation.

Explain at least two reasons for the difference in ROE between the two companies.

What are the key strategic choices that affect the differences in margin, turnover, or

leverage?