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26. 27 What condition(s) is/are necessary to recognize an asset retirement obligation? a. Company has an existing legal obligation and can reasonably estimate the amount of the liability b. Company can reasonably estimate the amount of the liability. C. Company has an existing legal obligation. d. Obligation event has occurred. Bargain Surplus made cash sales during the month of October of $375,000. The sales are subject to a 6% sales tax that was also collected. Which of the following would be included in the summary journal entry to reflect the sale transactions? a. Debit Accounts Receivable for $375,000. b. Credit Sales Taxes Payable for $21,226. c. Credit Sales Revenue for $347,483. d. Credit Sales Taxes Payable for $22,500. 28. A liability has three essential characteristics. Which of the following is not one of them? a. The obligation must be liquidated using cash, goods, or services that were earned by the entity in the performance of its normal business operation. b. It is a present obligation that entails settlement by probable future transfer or use of cash, goods, or services. c. The transaction or other event creating the obligation must have already occurred. d. The liability must be an unavoidable obligation 29. 8 Vanco Company has 70 employees who work 8-hour days and are paid hourly. On January 1, 2017, the company began a program of granting its employees 10 days of paid vacation each year. Vacation days earned in 2017 may first be taken on January 1, 2018. Information relative to these employees is as follows: Hourly Vacation Days Earned Vacation Days Used Year Wages by Each Employee by Each Employee 2017 $20.50 10 0 2018 22.50 10 2019 25.50 10 10 Vanco has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2019? a $168,000 b. $394,800 c. $142,800 d. $193,200. Which of the following is not a capital expenditure? a. Repairs that maintain an asset in operating condition b. An addition C. A betterment d. A replacement 30