Highlight the correct answer for the following four multiple choice questions. Each are worth 12 point. (2 points) 7. Total assets, total liabilities and owner's equity (or net worth) are calculated on the: a. Income statement b. Cash flow statement c. Balance sheet 8. Net farm income from operations and net farm income are calculated on the: a. Income statement b. Cash flow statement C. Balance sheet 9. Liquidity and solvency are calculated from the: a. Income statement b. Cash flow statement C. Balance sheet 10. A cash based income statement should be used for decision-making, not an accrual adjusted income statement. a. True b. False