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1. True or False:Ignoring any Other operating income or operating expenses, EBIT can be found by subtracting SGA and Depreciation from the gross profit. 2.

1. True or False:Ignoring any "Other" operating income or operating expenses, EBIT can be found by subtracting SGA and Depreciation from the gross profit.

2. Bob Enterprises has $46,000 in cash, $14,000 in inventory, $26,000 balance due to creditors, and $25,000 balance due from customers. What is the amount of owners' equity?

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