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How would you respond to Cam Pfeifers request? CP 6-2 6 Discusslon 21 Purchases discounts and accounts payable 19 Rustic Furniture Co. is owned and

How would you respond to Cam Pfeifers request?
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CP 6-2 6 Discusslon 21 Purchases discounts and accounts payable 19 Rustic Furniture Co. is owned and operated by Cam Pfeifer. The following is an excerpt from a conversation between Cam Pfeifer and Mitzi Wheeler the chief accountant for Rustic Furniture Co: Cam: Mitzi, I've got a question about this recent balance sheet. Mitzi: Sure, what's your question? Cam: Well, as you know. I'm applying for a bank loan to finance our new store in Garden Grove, and I noticed that the accounts payable are listed as $320,000. Mitzi: That's right. Approximately $275.000 of that represents amounts due our suppliers, and the remainder is miscellaneous payables to creditors for utilities, office equipment, supplies, etc. Cam: That's what I thought. But as you know, we normally receive a 2% discount from our suppliers for earlier payment and we always try to take the discount. Mitzi: That's right. I can't remember the last time we missed a discount. Cam: Well in that case it seems to me the accounts payable should be listed minus the 2% discount. Let's list the accounts payable due suppliers as S314.500, rather than $320.000. Every little bit helps. You never know. It might make the difference between getting the loan and not. How would you respond to Cam Pfeifer's request

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