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. Accounts payable (due in 30 days) 2. Bonus payable (to be paid in 60 days) 3. Patents (to expire after 5 years) 4. Interest payable (due in 90 days) 5. Notes payable (due in 120 days). 6. Sales taxes payable. 7. FICA-Medicare Taxes Payable 8. Unearned revenues (to be earned over next 3 months) 9. Salaries payable. 10. Pension liability (to be paid to employees retiring in 2 to 5 years) 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. Accounts payable (due in 30 days) 2. Bonus payable (to be paid in 60 days) 3. Patents (to expire after 5 years) 4. Interest payable (due in 90 days) 5. Notes payable (due in 120 days). 6. Sales taxes payable. 7. FICA-Medicare Taxes Payable 8. Unearned revenues (to be earned over next 3 months) 9. Salaries payable. 10. Pension liability (to be paid to employees retiring in 2 to 5 years) Classification