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: Cif it is a current liability, Lif it is a long-term liability, or if it is not a liability Classification L L Item 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) 5. FUTA taxes payable 7 Accounts receivable 8 Sales taxes payable 9 Salaries payable 10. Wages payable C C L