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: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1. Notes payable (due in 13 to 24 months). 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4. Current portion of long-term debt. 5. Notes payable (due in 120 days). 6. FUTA taxes payable. 7. Accounts receivable. 8. Sales taxes payable. 9. Salaries payable. 10. Wages payable. Classification to 24 months). 11 months). five years). C erm debt. L 20 days). N