Which of the following statements is correct?

Return on equity equals return on net operating assets less dividends times leverage

Return on net operating assets can be disaggregated into net operating profit (NOPAT) margin and (net) operating asset turnover (ATO)

Net operating profit margin divided by net operating asset turnover equals return on net operating assets

Return on net operating assets can be disaggregated into net operating profit margin, net operating asset turnover and leverage