The following numbers were calculated from the financial statements for a firm for 2012 and 2011:

Explain to what extent the change in common equity from 2011 to 2012 is due to sales growth, net assets required to support sales, and borrowing.

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2012 2011 Return on common equity (ROCE) Return on net operating assets (RNOA) Sales (millions) Average net operating assets (millions) Average net financial obligations (millions) Average common equity (millions) 13.3% 12.75% $11,035 $ 4,414 15.2% 11.28% $16,754 $ 6,981 $ 2,225 $ 4,756 241 $ 4,173