The following items appear on the balance sheet of a company with a one-year operating...
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Accounting
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, Lif it is a long-term liability, or if it is not a liability Classification Item 1. Sales taxes payable. 2. Pension liability to be fully paid to retired employees in next 11 months) 3. Pension liability to be paid to employees retiring in 2 to 5 years) 4. Machinery (expected me of 4 years) 5. Employee Medical Insurance Payable 6. FICA-Medicare Taxes Payable 7. Interest payable (due in 90 days) 8. Wages payable 9. Employee Federal Income Taxes Payable 10. Employee Union Dues Payable
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