XYZ Motors manufactures and sells vehicles. Financial figures for 2023 are provided below:

Ledgers (in $ millions)	Amount
Cost of Goods Sold	60.0
Sales Revenue	120.0
Selling Expenses	15.0
Administrative Expenses	7.5

Requirements:

• Prepare XYZ Motors' income statement for the year ended December 31, 2023.
• Calculate the Gross Profit Margin and Operating Profit.
• Determine the Net Income after taxes using a tax rate of 25%.
• Analyze XYZ Motors' financial performance using financial ratios (e.g., return on assets, asset turnover).
• Recommend strategic initiatives to improve operating efficiency and profitability.