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#1

The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows:

Directions: At the end of each line, write C if the item is a current liability, L if it is a long-term liability, or N if it is not a liability.

• Notes payable (due in 13 to 24 months).
• Notes payable (due in 6 to 12 months).
• Notes payable (mature in five years).
• Current portion of long-term debt.
• Notes payable (due in 120 days).
• FUTA taxes payable.
• Accounts receivable.
• Sales taxes payable.
• Salaries payable.
• Wages payable.