The return on assets is computed by dividing:

net income by average total assets.

net sales by average total assets.

net sales by ending total assets.

net income by ending total assets.

Which of the following statements about the characteristics of intangible assets is correct?

Intangible assets are financial instruments that give the holder a claim to pre$-$determined future cash flows.

Intangible assets can be classified as either current or long$-$term assets.

Intangible assets with limited lives are amortized to expense in a systematic manner.

Intangible assets can be used in continuing operations or held for resale.