=+SA 6-1 Ethics and professional conduct in business The Encore Video Store Co. is owned and operated

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=+SA 6-1 Ethics and professional conduct in business The Encore Video Store Co. is owned and operated by Sergio Alonzo. The following is an excerpt from a conversation between Sergio Alonzo and Suzie Engel, the chief accountant for The Encore Video Store.

Sergio: Suzie, I’ve got a question about this recent balance sheet.

Suzie: Sure, what’s your question?

Sergio: Well, as you know, I’m applying for a bank loan to finance our new store in Cherokee, and I noticed that the accounts payable are listed as $120,000.

Suzie: That’s right. Approximately $100,000 of that represents amounts due our suppliers, and the remainder is miscellaneous payables to creditors for utilities, office equipment,

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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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