General Motors Data for the year ended December 31, 2023:ItemAmountRevenue$350,000,000Cost of Goods Sold$200,000,000Operating Expenses$120,000,000Income Tax Expense$20,000,000Net...
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Accounting
General Motors
Data for the year ended December 31, 2023:
Item | Amount |
Revenue | $350,000,000 |
Cost of Goods Sold | $200,000,000 |
Operating Expenses | $120,000,000 |
Income Tax Expense | $20,000,000 |
Net Income | $10,000,000 |
Requirements:
- Calculate General Motors' gross profit margin.
- Determine General Motors' operating profit margin.
- Analyze the impact of income tax expense on General Motors' net income.
- Discuss how General Motors' revenue recognition policy affects its financial statements.
- Evaluate General Motors' profitability using the return on equity (ROE) ratio.
- Explain the role of the Income Measurement Objective in General Motors’ financial planning and performance evaluation.
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