Assume you are a financial analyst tasked with evaluating the financial performance of MNO Enterprises for the fiscal year ending December 31, 2023. Utilize the provided financial data to assess the company's profitability, liquidity, and solvency, and propose strategic initiatives to optimize its financial position.

Financial Data:

• Total assets: $400,000,000
• Total liabilities: $250,000,000
• Total equity: $150,000,000
• Net income for the year: $20,000,000
• Cash and cash equivalents: $50,000,000
• Accounts receivable: $60,000,000
• Inventory: $80,000,000
• Property, plant, and equipment: $180,000,000
• Long-term debt: $200,000,000
• Accounts payable: $90,000,000
• Accrued expenses: $30,000,000
• Revenue for the year: $800,000,000
• Cost of goods sold: $320,000,000
• Operating expenses: $200,000,000

Income tax expense: $28,000,000