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The following items appear on the balance sheet of a company with a one-year operating cycle....

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classificat

The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability. L if it is a long-term liability, or Nif it is not a liability Item Classification 1. Bonds payable (due in 9 months) 2. Notes payable (due in 120 days) 3. Current portion of long-term debt. 4. Bonds payable (due in 2 years) 5. Notes payable (due in 6 to 11 months) 6. Interest payable (due in 90 days) 7. FUTA taxes payable. 8. Employee Union Dues Payable 9. Employee Medical Insurance Payable 10. Accounts receivable.
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Answer #1
Item Classification
1. Bonds payable ( due in 9 months) C
2. Note payable ( due in 120 days) C
3. Current portion of long-term debt C
4. Bonds payable ( due in 2 years) L
5. Note payable ( due in 6 to 11 months) C
6. Interest payable ( due in 90 days) C
7. FUTA taxes payable C
8. Employee union Dues payable N
9. Employee medical insurance payable N
10 Accounts receivable N

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