AC 113 Unit 9 Discussion Accounting for debt is important in businesses. Understanding the accounting for current and long term liabilities is important in understanding the solvency of a business. In this Discussion, you will look at how businesses finance operations through debt. This weekâ€™s Discussion focuses on Activity 8-1 located on pages 316â€“317 of the textbook, which reads as follows: Jas Carillo was discussing summer employment with Maria Perez, President of Valparaiso Construction Service. Maria: Iâ€™m glad that youâ€™re thinking about joining us for the summer. We could certainly use the help. Jas: Sounds good. I enjoy outdoor work, and I could use the money to help with next yearâ€™s school expenses. Maria: Iâ€™ve got a plan that can help you out on that. As you know, Iâ€™ll pay you $4 per hour; but in addition, Iâ€™d like to pay you with cash. Since youâ€™re only working for the summer, it really doesnâ€™t make sense for me to go to the trouble of formally putting you on our payroll system. In fact, I do some jobs for my clients on a strictly cash basis, so it would be easy to just pay you that way. Jas: Well, thatâ€™s a bit unusual, but I guess money is money. Maria: Yeah, not only that, itâ€™s tax free! Jas: What do you mean? Maria: Didnâ€™t you know? Any money that you receive in cash is not reported to the IRS on a W-2 form, therefore, the IRS doesnâ€™t know about the income â€“ hence, itâ€™s the same as tax-free earnings. Why does Maria Perez want to conduct business transactions using cash (not check or credit card)? How should Jas respond to Mariaâ€™s suggestion? Accounts Assignment Help, Accounts Homework help, Accounts Study Help, Accounts Course Help
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