The following items appear on the balance sheet of a company with a two-month 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.
_______ 1.Sales taxes payable.
_______ 2.FUTA taxes payable.
_______ 3.Accounts receivable.
_______ 4.Wages payable.
_______ 5.Salaries payable.
_______ 6. Notes payable (due in 6 to 12 months).
_______ 7.Notes payable (due in 120 days).
_______ 8. Current portion of long-term debt.
_______ 9. Notes payable (mature in five years).
_______ 10. Notes payable (due in 13 to 24 months)
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