Look at the Following Table of Data for Key Biscuit

Look at the following table of data for Key Biscuit Company: What must have caused the firm's ROE to drop?

A) The firm began using more debt as a percentage of financing.
B) The firm began using less debt as a percentage of financing.
C) The compound leverage ratio was less than 1.
D) The operating ROA was declining.

Correct Answer:

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