Evaluate the going concern status of LMN Pharmaceuticals, a biotechnology company, based on the following...
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Accounting
Evaluate the going concern status of LMN Pharmaceuticals, a biotechnology company, based on the following financial information for the fiscal year ending December 31, 2023:
Financial Data:
- Total assets: $200,000,000
- Total liabilities: $150,000,000
- Total equity: $50,000,000
- Net income for the year: $8,000,000
- Cash and cash equivalents: $20,000,000
- Accounts receivable: $30,000,000
- Inventory: $40,000,000
- Property, plant, and equipment: $100,000,000
- Long-term debt: $120,000,000
- Accounts payable: $45,000,000
- Accrued expenses: $10,000,000
- Revenue for the year: $250,000,000
- Cost of goods sold: $100,000,000
- Operating expenses: $60,000,000
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