The following table provides selected financial information for Boeing Company and Airbus SE for the fiscal year 2023:

($ millions)	Boeing Company	Airbus SE
Net sales	$82,874	$78,945
($ millions)				Boeing Company	Airbus SE
Net sales				$82,874	$78,945
Cost of sales				60,234	59,172
Gross profit				22,640	19,773
Operating expenses:
Selling, general, and administrative				10,431	9,567
Research and development				6,214	5,897
Operating income				5,995	4,309
Interest and other (income) expense				2,327	1,854
Interest and investment income				(691)	(512)
Earnings before provision for income taxes				4,359	2,967
Provision for income taxes				1,014	712
Net earnings				$3,345	$2,255

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Boeing Company and Airbus SE. Assume a tax rate of 25%. 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 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 Boeing Company and Airbus SE. What does it reveal about their short-term liquidity? e. Compare the operating profit margins of Boeing Company and Airbus SE. What insights can be drawn about their cost control and profitability?