Exercise 9-1 (Algo) Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one-year operating cycle. Identify eac a long-term liability, or not a liability. 1. Notes payable (due in 120 days). Item 2. Employee Federal Income Taxes Payable 3. Patents (to expire after 5 years) 4. Bonds payable (due in 9 months) s 5. Unearned revenues (revenue to be earned upon delivery in 14 months) 6. Bonus payable (to be paid in 60 days) 7. Current portion of long-term debt. 8. Sales taxes payable. 9. Accounts payable (due in 30 days) 10. Salaries payable. Classification Current liability Not a liability Not a liability Current liability