The following table provides selected financial information for Walmart Inc. and Target Corporation for the fiscal year 2023:

($ millions)	Walmart Inc.	Target Corporation
Net sales	$600,000	$100,000
Cost of sales	400,000	70,000
Gross profit	200,000	30,000
Operating expenses:
Selling, general, and administrative	80,000	10,000
Research and development	10,000	1,000
Operating income	110,000	19,000
Interest and other (income) expense	6,000	2,000
Interest and investment income	(2,000)	(500)
Earnings before provision for income taxes	106,000	17,500
Provision for income taxes	30,000	5,200
Net earnings	$76,000	$12,300

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Walmart Inc. and Target 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 influencing 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 opportunities? d. Evaluate the debt-to-equity ratio for Walmart Inc. and Target Corporation. What does it imply about their financial risk and leverage? e. Compare the selling, general, and administrative (SG&A) expenses as a percentage of sales for Walmart Inc. and Target Corporation. What can be inferred about their operational efficiency?