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. Notes payable (due in 13 to 24 months). 2. Notes payable (due in 6 to 12 months). 3. Notes payable (mature in five years). 4. Current portion of ling-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.

Notes payable(due in 13 to 24 months)-L

Notes payable (due in 6 to 12 months)-C

Notes payable (mature in five years)-L

Current portion of long-term debt-C

Notes payable(due in 120 days) -C

FUTA taxes payable -C

Accounts receivable-N

Sales taxes payable-C

Salaries payable-C

Wages payable-C

Explanation:

A liability is a current one if it is due between today and the next one year(12 months),however any liability whose payment date is beyond one year is classified as long-term liability.

the assumption the narrator makes in this excerpt is that the messages he heards were going to hurt the narrator's mom; the narrator just springs in to action. the narrator doesn't specify in this excerpt why he believes that the messages present a problem that requires protection.

oof

explanation:

f