Business, 17.02.2020 23:02 rayray2083

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 N if it is not a liability.

1. Notes payable (due in 13 to 24 months).
2. Notes payable (due in 6 to 12 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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The following items appear on the balance sheet of a company with a one-year operating cycle. Identi...

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