Required:

Page $500$

a$.$ Calculate and disaggregate Disney's return on common equity for each of the two fiscal years ending September $30,$ Year $9,$ and September $30,$ Year $13($use yearend figures for any ratio computations typically using averages$).$

$b.$ Drawing only on your answers to a and the data available, identify the two components that contributed most to the observed change in Disney's return on common equity between Year $9$ and Year $13.$ State two reasons for the observed change in each of the two components.