Verizon Communications
 Data for the year ended December 31, 2023:

Item	Amount
Revenue	$1,400,000,000
Cost of Goods Sold	$800,000,000
Operating Expenses	$500,000,000
Income Tax Expense	$50,000,000
Net Income	$50,000,000

Requirements:

1. Calculate Verizon's gross profit margin.
2. Determine Verizon's operating profit margin.
3. Discuss the effect of income tax expense on Verizon's net income.
4. Evaluate how Verizon recognizes revenue from telecommunications services.
5. Explain the significance of the Income Measurement Objective in Verizon's financial reporting.
6. Analyze the impact of Verizon's financial performance on its service quality and customer satisfaction.