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

Item	Amount
Revenue	$1,000,000,000
Cost of Goods Sold	$600,000,000
Operating Expenses	$300,000,000
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. Analyze the impact of income tax expense on Verizon's net income.
4. Discuss how Verizon recognizes revenue from telecommunications services.
5. Evaluate Verizon's profitability using the return on assets (ROA) ratio.
6. Explain the significance of the Income Measurement Objective in Verizon’s financial management and operational efficiency.