RICH Company presents the following information from its Balance Sheet and Income Statement Horizontal Analysis Sales...
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RICH Company presents the following information from its Balance Sheet and Income Statement Horizontal Analysis Sales Cost of goods sold Inventory Accounts Payable Year 2020 $335.000 220,000 350,000 330,000 Year 2021 $750,000 175,000 349,500 75,000 Required: Perform a horizontal analysis for the accounts mentioned above, then explain 2 possible symptoms of fraud that exist in the data above. RICH Company presents the following information from its Balance Sheet and Income Statement Horizontal Analysis Sales Cost of goods sold Inventory Accounts Payable Year 2020 $335.000 220,000 350,000 330,000 Year 2021 $750,000 175,000 349,500 75,000 Required: Perform a horizontal analysis for the accounts mentioned above, then explain 2 possible symptoms of fraud that exist in the data above.
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To perform a horizontal analysis for the accounts mentioned above we will compare the changes in values from Year 2020 to Year 2021 and calculate the ... View the full answer
Related Book For
Federal Taxation 2018 Corporations, Partnerships, Estates & Trusts
ISBN: 9780134550923
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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