Classify Each of the Following Items as Either

Essay

Classify each of the following items as either:
A. Current liability
B. Long-term liability
C. Not a liability
1. 60-day promissory note
2. Payment of a 4-year term loan due this year
3. Salaries payable
4. Debt guarantees
5. FICA taxes payable
6. Income taxes payable
7. Payment of a 30-year term loan due this year
8. Payment of a 30-year term loan due next year. (The company's operating cycle is 2 months.)
9. Warranty work completed this year
10. Accounts payable