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. 1. Current portion of long-term debt. 2. Notes payable (due in 6 to 11 months). 3. Sales taxes payable. 4. Bonus payable (to be paid in 60 days) Item 5. Warranty liability (6 months of coverage) 6. Prepaid Insurance (6 months of coverage) 7. Notes payable (due in 120 days). 8. Salaries payable. 9. Pension liability (to be fully paid to retired employees in next 11 months) 10. Bonds payable (due in 2 years) Classification