#'s 6-8

6. The difference between income from operations and net income is: A) Purchases Discounts B) Sales returns and allowances C) Other income and other expenses D) Administrative expenses 7. On which financial statement accumulated depreciation is reported? A) Balance sheet B) Income statement C) Statement of owner's equity D) Cash flows 8. Office supplies and prepaid insurance are: A) Current assets B) Current liabilities C) Long-term assets D) Long-term liabilities