Assume you are a financial analyst tasked with evaluating the financial performance of ABC Corporation for the fiscal year ending December 31, 2023. Based on the provided financial data, conduct a comprehensive analysis and provide recommendations for improving the company's financial health.

Financial Data:

• Total assets: $250,000,000
• Total liabilities: $150,000,000
• Total equity: $100,000,000
• Net income for the year: $12,000,000
• Cash and cash equivalents: $30,000,000
• Accounts receivable: $40,000,000
• Inventory: $50,000,000
• Property, plant, and equipment: $100,000,000
• Long-term debt: $80,000,000
• Accounts payable: $60,000,000
• Accrued expenses: $20,000,000
• Revenue for the year: $500,000,000
• Cost of goods sold: $200,000,000
• Operating expenses: $120,000,000
• Income tax expense: $18,000,000