Evaluate the going concern status of XYZ Manufacturing, a company operating in the industrial sector,...
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Accounting
Evaluate the going concern status of XYZ Manufacturing, a company operating in the industrial sector, based on the following financial information for the year ending December 31, 2023:
Financial Data:
- Total assets: $120,000,000
- Total liabilities: $85,000,000
- Total equity: $35,000,000
- Net income for the year: $4,000,000
- Cash and cash equivalents: $10,000,000
- Accounts receivable: $20,000,000
- Inventory: $35,000,000
- Property, plant, and equipment: $65,000,000
- Long-term debt: $50,000,000
- Accounts payable: $25,000,000
- Accrued expenses: $7,000,000
- Revenue for the year: $150,000,000
- Cost of goods sold: $60,000,000
- Operating expenses: $30,000,000
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