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Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a c...

Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year opera

Exercise 9-1 Classifying liabilities LO C1 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.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4. Current portion of long-term debt. 5.Notes payable (due in 120 days). 6. FUTA taxes payable 7. Accounts receivable 8. Sales taxes payable. 9. Salaries payable. 10. Wages payable
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1 Notes payable (due in 13 to 24 months). L
2 Notes payable (due in 6 to 11 months). C
3 Notes payable (mature in five years). L
4 Current portion of long-term debt. C
5 Notes payable (due in 120 days). C
6 FUTA taxes payable. C
7 Accounts receivable N
8 Sales taxes payable C
9 Salaries payable. C
10 Wages payable. C
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