True or False

T F The Merchandise Inventory account balance at the end of one period is equal to the amount of beginning 14. merchandise inventory for the next period. FOB shipping point implies that ownership of goods transfers to the buyer at the buyer's place of business. T T T F 15. F 16. The profit margin is calculated by dividing the net income by the total assets. F 17. Curren t assets and current liabilities are expected to be used up or come due after one year or the company's operating cycle whichever is longer. T F 18. Assets are often classified into current assets, long-term investments, plant assets, and intangible assets