Selected financial statement data from Texas Telecom Inc for Years
Selected financial statement data from Texas Telecom, Inc., for Years 5 and 9 are reproduced below ($ millions):

.:.
Required:
a. Calculate return on common equity and disaggregate ROCE for Years 5 and 9 using end-of-year values for computations requiring an average (assume fixed assets and working capital are operating and a 50% tax rate).
b. Comment on Texas Telecom’s use of financial leverage.

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