Exercise 9.1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cyde, Identify the proper classification of each item as follows: Cin it is a current liability. Lirit is a long-term Hability, or if it is not a liability Classification 1 Uneamed revenues to be eamed over next 3 months) 2 Employee Federal Income Taxes Payable 3 Employee Union Dues Payable 4 Notes payable (due in 13 to 24 months) 5 FUTA taxes payable 6 Sales taxes payable 7 Interest payable (due 90 days) 8. Notes payablo (due in 120 days) 9. Waranty lability (6 months of coverage) 10 Machinery (expected life of 4 years)