ABC Company, a leading manufacturing firm, is preparing its financial statements for the fiscal year ending on December 31,20 .. To assess its financial health and performance, fill in the blanks in the following scenario with the appropriate accounting terms: In the fiscal year 20, ABC Company experienced significant growth in its revenue, reaching a total of $ This increase in revenue was primarily attributed to the successful launch of a new product line, which resulted in a substantial spike in sales. However, along with increased sales, ABC Company also faced higher operating expenses. The cost of goods sold (COGS) amounted to \$, and operating expenses, including salaries, utilities, and marketing, totaled $. As a result, the gross profit margin, calculated by subtracting COGS from total revenue and dividing by total revenue, was %. To finance its expansion plans and ongoing operations, ABC Company secured a loan from a financial institution, accruing an interest expense of \$. Additionally, the company earned interest income of $ from its investments in bonds and other financial instruments. During the fiscal year, ABC Company depreciated its manufacturing equipment, with a total accumulated depreciation of \$. This non-cash expense was accounted for in the income statement, impacting the net income, which stood at $ after deducting all expenses and taxes. In terms of liquidity, ABC Company managed its short-term obligations with current assets amounting to \$, including cash, accounts receivable, and inventory. Its current liabilities, which include accounts payable and short-term debt, amounted to $. The company's current ratio, calculated by dividing current assets by current liabilities, was , indicating its ability to cover short-term obligations. Furthermore, ABC Company also reported long-term assets worth \$, such as property, plant, and equipment, and intangible assets like patents and trademarks. These were financed by long-term liabilities of \$, including long-term debt and deferred tax liabilities. Considering these financial figures, analyze ABC Company's financial performance and position for the fiscal year ending on December 31,20 . Fvaluate its profitability, liquidity, and solvency based on the provided data. ABC Company, a leading manufacturing firm, is preparing its financial statements for the fiscal year ending on December 31,20 .. To assess its financial health and performance, fill in the blanks in the following scenario with the appropriate accounting terms: In the fiscal year 20, ABC Company experienced significant growth in its revenue, reaching a total of $ This increase in revenue was primarily attributed to the successful launch of a new product line, which resulted in a substantial spike in sales. However, along with increased sales, ABC Company also faced higher operating expenses. The cost of goods sold (COGS) amounted to \$, and operating expenses, including salaries, utilities, and marketing, totaled $. As a result, the gross profit margin, calculated by subtracting COGS from total revenue and dividing by total revenue, was %. To finance its expansion plans and ongoing operations, ABC Company secured a loan from a financial institution, accruing an interest expense of \$. Additionally, the company earned interest income of $ from its investments in bonds and other financial instruments. During the fiscal year, ABC Company depreciated its manufacturing equipment, with a total accumulated depreciation of \$. This non-cash expense was accounted for in the income statement, impacting the net income, which stood at $ after deducting all expenses and taxes. In terms of liquidity, ABC Company managed its short-term obligations with current assets amounting to \$, including cash, accounts receivable, and inventory. Its current liabilities, which include accounts payable and short-term debt, amounted to $. The company's current ratio, calculated by dividing current assets by current liabilities, was , indicating its ability to cover short-term obligations. Furthermore, ABC Company also reported long-term assets worth \$, such as property, plant, and equipment, and intangible assets like patents and trademarks. These were financed by long-term liabilities of \$, including long-term debt and deferred tax liabilities. Considering these financial figures, analyze ABC Company's financial performance and position for the fiscal year ending on December 31,20 . Fvaluate its profitability, liquidity, and solvency based on the provided data