General Motors' Financial Overview for 2023:

Income Statement Data (in billions):

• Sales Revenue: $122.5
• Cost of Goods Sold: $95.3
• Research and Development: $8.2
• Selling, General and Administrative: $11.4
• Interest Expense: $1.7
• Tax Rate: 20%

Requirements:

1. Prepare the Income Statement for General Motors for 2023.
2. Compute the Gross Margin.
3. Determine the Operating Income.
4. Calculate the Net Income after taxes.
5. Assess the operating profit margin for General Motors.