The following items appear on the balance sheet of a company with a one-year operating cycle....

 

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The following items appear on the balance sheet of a company with a one-year operating cycle. Identify each item as a current liability, a long-term liability, or not a liability. Item 1. Notes payable (due in 120 days). 2. Unearned revenues (to be earned over next 3 months) 3. Employee Medical Insurance Payable 4. Bonus payable (to be paid in 60 days) 5. Bonds payable (due in 9 months) 6. Prepaid Insurance (6 months of coverage) 7. Sales taxes payable. 8. Pension liability (to be fully paid to retired employees in next 11 months) 9. Notes payable (due in 6 to 11 months). 10. Notes payable (due in 13 to 24 months). Classification The following items appear on the balance sheet of a company with a one-year operating cycle. Identify each item as a current liability, a long-term liability, or not a liability. Item 1. Notes payable (due in 120 days). 2. Unearned revenues (to be earned over next 3 months) 3. Employee Medical Insurance Payable 4. Bonus payable (to be paid in 60 days) 5. Bonds payable (due in 9 months) 6. Prepaid Insurance (6 months of coverage) 7. Sales taxes payable. 8. Pension liability (to be fully paid to retired employees in next 11 months) 9. Notes payable (due in 6 to 11 months). 10. Notes payable (due in 13 to 24 months). Classification

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Sno 1 2 3 4 5 6 7 8 9 10 Item Notes payable due in 120 days U... View the full answer