ABC Corporation, a manufacturer of electronic components, has provided the following information for the fiscal year ending December 31, 2023:

1. Initial Balances and Transactions:
   • The company started the year with cash of $50,000, accounts receivable of $80,000, inventory of $120,000, accounts payable of $60,000, and common stock of $190,000.
   • On January 15, ABC Corporation purchased raw materials worth $50,000 on credit.
   • On February 10, they paid $20,000 towards accounts payable.
   • On March 5, they sold products for $100,000 on credit, with a cost of goods sold (COGS) amounting to $70,000.

1. Adjusting Entries:
   • Depreciation expense for the year was $10,000.
   • Accrued wages at year-end were $5,000.
   • Prepaid insurance of $3,000 expired during the year.

1. Additional Information:
   • Collected $75,000 from accounts receivable.
   • Paid utilities and rent expenses totaling $8,000.
   • Declared and paid dividends of $5,000.

Tasks:

1. Journal Entries:
   • Prepare the journal entries for each of the transactions and adjusting entries mentioned above.

1. Trial Balance:
   • Prepare a trial balance before and after the adjusting entries.

1. Financial Statements:
   • Prepare the income statement, statement of retained earnings, and balance sheet for the year ending December 31, 2023.

1. Analysis:
   • Calculate the following ratios:
     • Current Ratio
     • Quick Ratio
     • Gross Profit Margin
     • Net Profit Margin
2. Based on these ratios, provide an analysis of ABC Corporation's financial health.