You have been hired as a forensic accountant to investigate a company for potential embezzlement You have obtained the following information The company has an accounts payable balance of $500,000 at the beginning of the year During the year, the company paid $3 million in accounts payable The comp...

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You have been hired as a forensic accountant to investigate a company for potential embezzlement. You have

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Question:

You have been hired as a forensic accountant to investigate a company for potential embezzlement. You have obtained the following information:

The company has an accounts payable balance of $500,000 at the beginning of the year.
During the year, the company paid $3 million in accounts payable.
The company has an accounts payable balance of $750,000 at the end of the year.
The company's revenue for the year was $10 million.

Using the information provided, determine the potential amount of fraudulent payments that may have been made by the company. Show all your calculations and provide your answer.