| | Year 1 | Year 2 |
| Cash | 29.2 | 21.2 |
| A/R | 108.2 | 122.6 |
| Inventory | 74.0 | 79.7 |
| Total Current Assets | 211.4 | 223.5 |
| Fixed Assets, Net | 81.6 | 94.1 |
| Goodwill | 159.6 | 184.5 |
| Total Assets | 452.6 | 502.1 |
| Accounts Payable | 46.4 | 50.5 |
| Short-term Debt | 23.0 | 27.0 |
| Total Current Liabilities | 69.4 | 77.5 |
| Long Term Debt | 125.8 | 128.5 |
| Deferred income taxes | 14.0 | 18.6 |
| Equity | | |
| Share Capital | 148.9 | 151.8 |
| Retained Earnings | 94.5 | 125.7 |
| Owners' Equity | 243.4 | 277.5 |
| Total Liabilities & Equity | 452.6 | 502.1 |
| | Year 1 | Year 2 |
| Sales | 381.9 | 416.3 |
| COGS | 244.9 | 278.9 |
| SG&A | 59.7 | 63.8 |
| Depreciation | 13.8 | 15.4 |
| R & D | 5.3 | 4.3 |
| EBIT | 58.2 | 53.9 |
| Interest Expense | 7.3 | 7.9 |
| Earnings before Income Tax | 50.9 | 46.0 |
| Income Taxes | 17.3 | 14.8 |
| Net Income | 33.6 | 31.2 |
Referring to the CFM Majestic financial statements, pick the most informative explanation for why ROA fell.
◦ ROA fell because both gross margin fell and Selling, General & Admin expenses as a percentage of sales fell.
◦ ROA fell because Total Asset Turnover fell.
◦ ROA fell because the Equity Multiplier fell and because Cost of Goods Sold over Sales rose.
◦ ROA fell because Net Income grew more slowly than Total Assets.
◦ ROA fell mainly because gross margin fell.
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