XYZ Motors manufactures and sells vehicles worldwide. Financial figures for the year 2023 are as follows:

Ledgers:

• Cost of Goods Sold: $40,000,000
• Sales Revenue: $80,000,000
• Selling Expenses: $10,000,000
• Administrative Expenses: $5,000,000

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 20%.
• Analyze XYZ Motors' financial performance using financial ratios (e.g., return on assets, asset turnover).
• Recommend strategic initiatives to improve operating efficiency and profitability.