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The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classificat

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Answer #1
Item Classification
1. Bonds payable ( due in 9 months) C
2. Note payable ( due in 120 days) C
3. Current portion of long-term debt C
4. Bonds payable ( due in 2 years) L
5. Note payable ( due in 6 to 11 months) C
6. Interest payable ( due in 90 days) C
7. FUTA taxes payable C
8. Employee union Dues payable N
9. Employee medical insurance payable N
10 Accounts receivable N

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