The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Classification Item 1. Notes payable (due in 6 to 11 months). 2. FUTA taxes payable. 3. Bonds payable (due in 2 years) 4. FICA-Social Security Taxes Payable 5 Unearned revenues (to be earned over next 3 months) 6. Machinery (expected life of 4 years) 7. Salaries payable 8. Pension liability (to be fully paid to retired employees in next 11 months) 9. Bonds payable (due in 9 months) 10. Notes payable (due in 120 days) Snipping Tool New Mode