Rich began working for George Washington University (GWU) on July 1, 2016, the first day of GW's fiscal year, at a monthly salary of $5,000 plus benefits.When he joined he was given a copy of GW's policy on paid time off.The details are as follows:

Vacation:"Administrative and professional staff earn 20 vacation days per year, accrued at the rate of 1.67 days per month. You may accrue, and carry into the next year, up to a total of 40 vacation days."

Sick Times:"You earn one sick day per month (12 per year).You may use up to 12 sick days per year to care for sick members of your family or household who regularly depends on your care.You may accrue up to 130 sick days"

Personal days:"You may take up to three personal days per fiscal year.These days do not accrue."

If Rich did not take any time off during his first year of work at GW for a vacation, sick time, or personal reasons, should GW record a liability for vacation, sick time, and personal days owing to Rich on June 30, 2017? Explain why or why not.If GW does record a liability, what other financial statement items will be affected for the year ended June 30, 2017?