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Comparative financial statements for Chevron Corporation for the years ended December 31, 2023, 2022, and 2021 are given below. Chevron Corporation Comparative Income Statements 2023

Comparative financial statements for Chevron Corporation for the years ended December 31, 2023, 2022, and 2021 are given below.

Chevron Corporation Comparative Income Statements

2023

2022

2021

Sales

$1,200,000,000

$1,100,000,000

$1,000,000,000

Cost of goods sold

$720,000,000

$660,000,000

$600,000,000

Gross profit

$480,000,000

$440,000,000

$400,000,000

Operating expenses

$240,000,000

$220,000,000

$200,000,000

Income from operations

$240,000,000

$220,000,000

$200,000,000

Interest expense

$24,000,000

$22,000,000

$20,000,000

Income before taxes

$216,000,000

$198,000,000

$180,000,000

Income tax expense

$64,800,000

$59,400,000

$54,000,000

Net income

$151,200,000

$138,600,000

$126,000,000


Chevron Corporation Comparative Balance Sheets

2023

2022

2021

Assets




Current assets

$240,000,000

$220,000,000

$200,000,000

Long-term investments

$320,000,000

$300,000,000

$280,000,000

Property and equipment, net

$640,000,000

$600,000,000

$560,000,000

Total assets

$1,200,000,000

$1,120,000,000

$1,040,000,000

Liabilities and Equity




Current liabilities

$200,000,000

$190,000,000

$180,000,000

Long-term debt

$500,000,000

$460,000,000

$420,000,000

Common stock

$300,000,000

$290,000,000

$280,000,000

Retained earnings

$200,000,000

$180,000,000

$160,000,000

Total liabilities and equity

$1,200,000,000

$1,120,000,000

$1,040,000,000

Requirements:

  1. Convert the income statement data to common-size percentages for each year.
  2. Convert the balance sheet data to common-size percentages for each year.
  3. Calculate Chevron’s current ratio and quick ratio for the three years.
  4. Analyze the trend in Chevron’s operating profit margin and net profit margin.

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