Chevron Corporation
 Data for the year ended December 31, 2023:

Item	Amount
Revenue	$800,000,000
Cost of Goods Sold	$500,000,000
Operating Expenses	$200,000,000
Income Tax Expense	$50,000,000
Net Income	$50,000,000

Requirements:

1. Calculate Chevron's gross profit margin.
2. Determine Chevron's operating profit margin.
3. Analyze the impact of income tax expense on Chevron's net income.
4. Discuss how Chevron recognizes revenue from oil sales.
5. Evaluate Chevron's profitability using the return on assets (ROA) ratio.
6. Explain the significance of the Income Measurement Objective in Chevron’s financial management and reporting.