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

Item	Amount
Revenue	$500,000,000
Cost of Goods Sold	$300,000,000
Operating Expenses	$150,000,000
Income Tax Expense	$20,000,000
Net Income	$30,000,000

Requirements:

1. Calculate ExxonMobil's gross profit margin.
2. Determine ExxonMobil's operating profit margin.
3. Analyze the impact of income tax expense on ExxonMobil's net income.
4. Discuss how ExxonMobil's revenue recognition policy affects its financial statements.
5. Evaluate ExxonMobil's profitability using the return on equity (ROE) ratio.
6. Explain the significance of the Income Measurement Objective in ExxonMobil’s cost management and strategic planning.