Case 7 The following two comparative balance sheets and statements of income are for XYZ Company for the years 2015-2017: CASE 7 CONSOLIDATED BALANCE SHEETS- XYZ COMPANY 2017 2016 2015 Assets: Current assets Cash and cash $1,542 $851 $317 equivalents Receivables 5,602 4,115 3,329Inventories 1,524 1,112 900 Deferred income taxes 851 302 456 Total current assets $9.519 $6.380 $5,002 Land 22.547 15.239 12,045 Buildings 10,982 8,475 7.698 Machinery 6,233 5,008 3,511 Accumulated (396) (305) (235) depreciation Total assets $48.885 $34,797 $28,021 Liabilities and Stock- holders' Equity: Current liabilities Accounts payable $5,603 $4,112 54,758 Taxes payable 786 543 235 Total current $6,389 $4,655 $4993 liabilities Long-term debt 16,987 16,115 19546 Deferred income taxes 845 562 354 Stockholders' Equity: Common stock 22.220 12,764 2907 Retained earnings 2,444 701 221 Total liabilities and stockholders' equity $48,885 $34,797 $28 021CASE 7 CONSOLIDATED STATEMENTS OF INCOME XYZ COMPANY 2017 2016 2015 Revenues $26,534 $22,173 $18,739 Cost of goods sold 18,201 18,161 15,406 Gross margin $8,333 $4,312 $3.333 Operating 5,428 3,512 2,965 expenses Operating income $2,905 $800 $368 before taxes Income taxes 1,162 320 147 Net income $1,743 $480 $221 Calculate all ratios needed to determine if XYZ is possibly underreporting accounts payable. If you detect possible fraud, explain why you think it might exist