(Solution) - The following two comparative balance sheets and statements of i -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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The following two comparative balance sheets and statements of income are for XYZ Company for the years 20x1?20x3:

Income statement

Calculate all ratios needed to determine if XYZ is possibly underreporting accounts payable. If you detect possible fraud, explain why you think it mightexist.