The following items appear on the balance sheet of a company with a one-year operating...
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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 N if it is not a liability.
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 N if it is not a liability. Classification Item 1. Wages payable. 2. FICAMedicare Taxes Payable 3. Machinery (expected life of 4 years) 4. Salaries payable. 5. Warranty liability (6 months of coverage) 6. FICASocial Security Taxes Payable 7. Employee Union Dues Payable 8. Interest payable (due in 90 days) 9. Employee Federal Income Taxes Payable 10. Notes payable (mature in five years)
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