Please answer all questions or don't answer at all. True or false answer only.

11. Money due from a customer is included in a firm's market value but yet is excluded from the firm's accounting value. 12. Cash flow to stockholders is defined as the dividend payments less net new equity raised. 13. Shareholders' equity represents the residual value of a firm. 14. According to generally accepted accounting principles, income is recorded based on the realization principle. 15. Office salaries are most apt to be a fixed cost. 16. Sales are not included in cash flow from assets. 17. The percentage of the next dollar you earn that must be paid in taxes is referred to as the average tax rate. 18. The marginal tax rate is equal to total taxes divided by total taxable income. 19. Net working capital is defined as current assets minus current liabilities: 20. Noncash items refer to expenses which do not directly affect cash flows