Financial Data for Chevron Corporation for 2023:

Income Statement Data (in billions):

• Revenue: $140.50
• Cost of Goods Sold: $74.30
• Selling, General and Administrative: $28.40
• Research and Development: $5.70
• Interest Expense: $4.30
• Tax Rate: 20%

Requirements:

1. Prepare the Income Statement for Chevron Corporation for 2023.
2. Compute the Gross Margin.
3. Determine the Operating Income.
4. Calculate the Net Income after taxes.
5. Evaluate the return on sales (ROS) ratio for Chevron Corporation.