Most firms of any size need fixed assets. Fixed assets are typically those that have useful lives longer than one year. Therefore, fixed assets are purchased as capital expenditures and are carried on the balance sheet. (By comparison, operating expenditures are reported on the income statement and typically cover items that are used up in one year.) The category of assets referred to as "fixed" assets include which of the following? More than one answer is correct - select all that apply. a) inventories b) wages and salaries c) cash d) office supplies (paper, pens, paper clips, etc.)