The following items appear on the balance sheet of a company with a one-year operating cycle. Identify each item as a current liability, a long-term liability, or not a liability. Item Classification 1. Notes payable (due in 13 to 24 months). 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4. Current portion of long-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.

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…