McDonald's Corp.
 Data for the year ended December 31, 2023:

Item	Amount
Revenue	$250,000,000
Cost of Goods Sold	$120,000,000
Operating Expenses	$100,000,000
Income Tax Expense	$20,000,000
Net Income	$10,000,000

Requirements:

1. Calculate McDonald's gross profit margin.
2. Determine McDonald's operating profit margin.
3. Analyze the impact of income tax expense on McDonald's net income.
4. Discuss how McDonald's recognizes revenue from franchise operations.
5. Evaluate McDonald's profitability using the return on assets (ROA) ratio.
6. Assess the importance of the Income Measurement Objective in McDonald’s financial reporting and operational management.