​​The management of Company XYZ is preparing its financial statements for the fiscal year ending December 31st, 20XX. They have provided the following trial balance:

Account Title	Debit ($)	Credit ($)
Cash	50,000
Accounts Receivable	80,000
Inventory	120,000
Prepaid Expenses	10,000
Equipment	200,000
Accumulated Depreciation		30,000
Accounts Payable		60,000
Notes Payable		50,000
Common Stock		150,000
Retained Earnings		100,000
Sales Revenue		300,000
Cost of Goods Sold	120,000
Rent Expense	20,000
Utilities Expense	5,000
Salary Expense	40,000
-------------------------	-----------------	-----------------
Total	525,000	525,000

Requirements:

• Prepare an income statement for the fiscal year ending December 31st, 20XX.
• Create a balance sheet as of December 31st, 20XX.
• Calculate the current ratio and debt-to-equity ratio.
• Analyze the financial performance and solvency position of Company XYZ based on the provided statements and ratios.