Please mark "T" for true or "F" for false in the space next to each statement. 11. Assets are resources owned by or due to a business. 12. Depreciation is the periodic expense recognized for a portion of a fixed asset's cost. 13. Prepaid expenses are liabilities for the payment of future expenses. a 14. All businesses have the same percentage of gross profit on a $1 of sales. 15. A company with $160,000 in sales, $8,000 in returns, $6,000 in allowances and no discounts has $146,000 net sales. 16. Current liabilities are expected to be paid within one year of the balance sheet date. 17. The sale of land for cash would be classified as a cash inflow from an investing activity. 18. Cash flow from investing activities is considered the most important category on the statement of cash flows because it is necessary for the company's income