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 Classification Current liability 1. Bonus payable (to be paid in 60 days) 2. Accounts payable (due in 30 days) 3. Notes payable (due in 6 to 11 months). 4. Notes payable (due in 120 days). 5. FUTA taxes payable. 6. Sales taxes payable. 7. FICASocial Security Taxes Payable 8. Notes payable (mature in five years). 9. Prepaid Insurance (6 months of coverage) 10. Bonds payable (due in 9 months) Long-term liability Not a liability