Data Driven Discussion

Perform vertical and/or horizontal analysis of the statements and identify two things that appear to be unusual and could be possible symptoms of fraud.

 

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2019 2020
Balance Sheet
Cash $460 $300
Accounts Receivable 620 480
Inventory 1,000 730
Total Assets 2,080 1,510
Accounts payable 580 310
Note payable 500 100
Common stock 400 400
Retained earnings 600 700
Total liabilities and Stockholders’ equity $2,080 $1,510
Income Statement
Net sales $550 $840
Cost of goods sold 120 160
Gross margin 430 680
Expenses:
Salaries 100 150
Warehousing costs 80 120
Advertising 60 90
Taxes 45 75
Total expenses 285 435
Net Income $145 $245

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