The following table provides selected financial information for General Motors Company and Toyota Motor Corporation for the fiscal year 2023:

($ millions)	General Motors Company	Toyota Motor Corporation
Net sales	$155,000	$275,000
Cost of sales	124,000	200,000
Gross profit	31,000	75,000
Operating expenses:
Selling, general, and administrative	14,000	18,000
Research and development	6,000	10,000
Operating income	11,000	47,000
Interest and other (income) expense	3,500	2,500
Interest and investment income	(1,200)	(1,000)
Earnings before provision for income taxes	8,700	45,500
Provision for income taxes	2,900	13,500
Net earnings	$5,800	$32,000

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for General Motors Company and Toyota Motor Corporation. 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 operating income over the past five years. How does it impact their financial health and ability to invest in new technologies? d. Evaluate the debt-to-equity ratio for General Motors Company and Toyota Motor Corporation. What does it imply about their financial risk and leverage? e. Compare the research and development (R&D) expenses as a percentage of sales for General Motors Company and Toyota Motor Corporation. What can be inferred about their investment in innovation?