The following table provides selected financial information for PepsiCo, Inc. and The Coca-Cola Company for the fiscal year 2023:

($ millions)	PepsiCo, Inc.	The Coca-Cola Company
Net sales	$86,396	$65,312
Cost of sales	41,981	25,681
Gross profit	44,415	39,631
Operating expenses:
Selling, general, and administrative	16,708	15,763
Research and development	1,201	987
Operating income	26,506	22,881
Interest and other (income) expense	3,259	2,394
Interest and investment income	(1,048)	(809)
Earnings before provision for income taxes	24,295	21,296
Provision for income taxes	5,831	4,883
Net earnings	$18,464	$16,413

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for PepsiCo, Inc. and The Coca-Cola Company. Assume a tax rate of 25%. 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 advertising expenses over the past five years for both companies. How does it impact their market share and revenue growth? d. Evaluate the current ratio and quick ratio for PepsiCo, Inc. and The Coca-Cola Company. What does it reveal about their short-term liquidity? e. Compare the dividend payout ratios for PepsiCo, Inc. and The Coca-Cola Company. What insights can be drawn regarding their dividend policies?