Evaluate the going concern status of XYZ Manufacturing, a company operating in the industrial sector, based on the following financial information for the year ending December 31, 2023:

Financial Data:

• Total assets: $120,000,000
• Total liabilities: $85,000,000
• Total equity: $35,000,000
• Net income for the year: $4,000,000
• Cash and cash equivalents: $10,000,000
• Accounts receivable: $20,000,000
• Inventory: $35,000,000
• Property, plant, and equipment: $65,000,000
• Long-term debt: $50,000,000
• Accounts payable: $25,000,000
• Accrued expenses: $7,000,000
• Revenue for the year: $150,000,000
• Cost of goods sold: $60,000,000
• Operating expenses: $30,000,000

Income tax expense: $5,000,000