The following financial data pertains to Netflix, Inc. and The Walt Disney Company for the fiscal year 2023:

($ millions)	Netflix, Inc.	The Walt Disney Company
Net sales	$35,000	$85,000
Cost of sales	15,000	50,000
Gross profit	20,000	35,000
Operating expenses:
Selling, general, and administrative	12,000	20,000
Research and development	2,500	5,000
Operating income	5,500	10,000
Interest and other (income) expense	1,000	1,500
Interest and investment income	(500)	(700)
Earnings before provision for income taxes	5,000	9,200
Provision for income taxes	1,500	2,800
Net earnings	$3,500	$6,400

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Netflix, Inc. and The Walt Disney Company. Assume a tax rate of 30%. b. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) for both companies. Discuss the primary 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 Netflix, Inc. and The Walt Disney Company. What does it reveal about their short-term liquidity? e. Compare the operating profit margins of Netflix, Inc. and The Walt Disney Company. What insights can be drawn about their cost control and profitability?