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

Item	Amount
Revenue	$1,200,000,000
Cost of Goods Sold	$700,000,000
Operating Expenses	$400,000,000
Income Tax Expense	$50,000,000
Net Income	$50,000,000

Requirements:

1. Calculate McDonald's gross profit margin.
2. Determine McDonald's operating profit margin.
3. Discuss the effect of income tax expense on McDonald's net income.
4. Evaluate how McDonald's recognizes revenue from franchise operations.
5. Explain the significance of the Income Measurement Objective in McDonald's financial planning.
6. Analyze the impact of McDonald's financial performance on its competitive position in the market.