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. Identity each item as a current liability, a long term liability, or not a liability Classification Item 1. Interest payable due in 90 days) 2 Wagos payable 3. Accounts receivable 4. Accounts payable (due in 30 days) 5. Bonus payable to be paid in 60 days) 5 Sales taxes payable 7 Uncamned revenues to be carned over next 3 months) 8 Current portion of long tormdebt FUTA txes payable 10 Notes payable (duo in 13 to 24 months) 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. Classification Current liability Item 1 Interest payable (due in 90 days) 2 Wages payable 3. Accounts receivable 4 Accounts payable (due in 30 days) 5 Bonus payable (to be paid in 60 days) 6 Sales taxes payable 7 Uneared revenues to be eamed over next 3 months) 8. Current portion of long-term debt 9. FUTA taxes payable 10 Notes payable (due in 13 to 24 months). Long-term liability Not a liability