Johnson & Johnson
 Data for the year ended December 31, 2023:

Item	Amount
Total Revenue	$800,000,000
Cost of Goods Sold	$500,000,000
Operating Expenses	$200,000,000
Income Tax Expense	$40,000,000
Net Income	$60,000,000

Requirements:

1. Calculate Johnson & Johnson's gross profit margin.
2. Determine Johnson & Johnson's operating profit margin.
3. Analyze the impact of income tax expense on Johnson & Johnson's net income.
4. Discuss how Johnson & Johnson recognizes revenue from pharmaceutical sales.
5. Evaluate Johnson & Johnson's profitability using the return on assets (ROA) ratio.
6. Explain the role of the Income Measurement Objective in Johnson & Johnson’s financial performance and reporting.