Company: Apple Inc.
 Data for the year ended December 31, 2023:

Item	Amount
Revenue	$1,500,000,000
Cost of Goods Sold	$900,000,000
Operating Expenses	$400,000,000
Income Tax Expense	$60,000,000
Net Income	$140,000,000

Requirements:

1. Calculate Apple's gross profit margin.
2. Determine Apple's operating profit margin.
3. Discuss the effect of operating expenses on Apple's profitability.
4. Evaluate how Apple recognizes revenue from iPhone sales.
5. Explain the significance of the Income Measurement Objective in Apple's financial reporting.
6. Analyze the impact of Apple's financial performance on its innovation strategy.