A leading technology company, XYZ Solutions, is experiencing financial turbulence amidst increasing competition and declining market share. The management of XYZ Solutions is concerned about the company's ability to continue operating as a going concern. As a financial analyst tasked with evaluating the company's financial statements for the fiscal year ending December 31, 2023, analyze the provided financial data to assess whether XYZ Solutions is likely to continue as a going concern in accordance with the Going Concern Principle.

Here are selected financial data for XYZ Solutions:

• Total assets: $50,000,000
• Total liabilities: $35,000,000
• Total equity: $15,000,000
• Net income for the year: $2,000,000
• Cash and cash equivalents: $5,000,000
• Accounts receivable: $10,000,000
• Inventory: $15,000,000
• Property, plant, and equipment: $20,000,000
• Long-term debt: $25,000,000
• Accounts payable: $7,000,000
• Accrued expenses: $3,000,000
• Revenue for the year: $30,000,000
• Cost of goods sold: $12,000,000
• Operating expenses: $8,000,000
• Income tax expense: $1,500,000