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. Warranty liability (6 months of coverage) 2. Notes payable (due in 6 to 11 months). 3. Employee Federal Income Taxes Payable 4. Interest payable (due in 90 days) 5. FICA-Social Security Taxes Payable 6. Patents (to expire after 5 years) 7. Pension liability (to be fully paid to retired employees in next 11 months) 8. Sales taxes payable. 9. Employee Union Dues Payable 10. Notes payable (mature in five years). Classification

The following items appear on the balance sheet of a company with a one-yeor operating cycle, Identify each item as a current liability, a long-term liability, or not a liability