Assume you are a financial analyst reviewing the financial statements of LMN Corporation for the...
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Accounting
Assume you are a financial analyst reviewing the financial statements of LMN Corporation for the fiscal year ending December 31, 2023. Your task is to analyze the company's financial position and performance and address specific accounting issues.
Given the following financial data for LMN Corporation:
Total assets: $180,000,000
Total liabilities: $120,000,000
Total equity: $60,000,000
Net income for the year: $7,500,000
Cash and cash equivalents: $25,000,000
Accounts receivable: $30,000,000
Inventory: $35,000,000
Property, plant, and equipment: $90,000,000
Long-term debt: $80,000,000
Accounts payable: $40,000,000
Accrued expenses: $10,000,000
Revenue for the year: $300,000,000
Cost of goods sold: $120,000,000
Operating expenses: $70,000,000
Income tax expense: $12,500,000
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