Please give me the correct answer:

Amelia Brown is studying towards BS in finance from Perella Weinberg Partners and currently working as Global Equity Analyst Intern for Macquarie Group. Emilia is new and asked to find errors that may happen in some fo the financial statements. She was taking notes starting from the balance sheet and the current assets vs. current liabilities. In her list, which of the following items should not be on a firm's balance sheet under current liabilities?

1. Cost of goods sold.

2. Accounts payable.

3. Short-term notes payable to the bank.

4. Accrued wages.

5. Accrued payroll taxes.

Valentina Torres is studying towards a Business MBA, Financial Management Specialization degree from Fudan University School of Management (China) and currently working as Equity Research Associate Intern for BBY Ltd.. BBY Ltd. is interested to know more about a new tax legistlation with a potential to become realized soon.

Valentina is trying to figure out which of the following senarios would be most likely to occur in the year after Congress, in an effort to increase tax revenue, passed legislation that forced companies to depreciate equipment over longer lives assuming that sales, other operating costs, and tax rates are not affected, and assume that the same depreciation method is used for tax and stockholder reporting purposes?

1. Companies' cash positions would decline.

2. Companies' physical stocks of fixed assets would increase.

3. Companies' reported net incomes would decline.

4. Companies' net operating profits after taxes (NOPAT) would decline.

5. Companies' free cash flows would increase.