Analyze the financial position of GHI Pharmaceuticals, a pharmaceutical company, based on the provided financial...
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Accounting
Analyze the financial position of GHI Pharmaceuticals, a pharmaceutical company, based on the provided financial data for the fiscal year ending December 31, 2023, to determine whether the company is likely to continue as a going concern.
Financial Data:
- Total assets: $150,000,000
- Total liabilities: $120,000,000
- Total equity: $30,000,000
- Net income for the year: $5,000,000
- Cash and cash equivalents: $10,000,000
- Accounts receivable: $20,000,000
- Inventory: $45,000,000
- Property, plant, and equipment: $70,000,000
- Long-term debt: $90,000,000
- Accounts payable: $40,000,000
- Accrued expenses: $8,000,000
- Revenue for the year: $200,000,000
- Cost of goods sold: $80,000,000
- Operating expenses: $60,000,000
- Income tax expense: $7,000,000
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