A retail giant, ABC Retailers, is facing economic uncertainty due to a recent downturn in consumer spending. Evaluate the financial data provided below to determine whether ABC Retailers is likely to continue as a going concern.

Financial Data:

• Total assets: $80,000,000
• Total liabilities: $60,000,000
• Total equity: $20,000,000
• Net income for the year: $3,500,000
• Cash and cash equivalents: $8,000,000
• Accounts receivable: $12,000,000
• Inventory: $25,000,000
• Property, plant, and equipment: $35,000,000
• Long-term debt: $30,000,000
• Accounts payable: $15,000,000
• Accrued expenses: $5,000,000
• Revenue for the year: $90,000,000
• Cost of goods sold: $40,000,000
• Operating expenses: $25,000,000

Income tax expense: $4,500,000