Balance Sheet - Homemade Special Pies Ltd. Year ending: 2011 2010 2011 2010 Cash 1,000 2,000 Overdraft 19,000 20,000 Inventory 20,000 19,000 Suppliers 9,000 10,000 PP&E 9,000 10,000 Equity 2,000 1,000 Total Assets 30,000 31,000 Total Liabilities 30,000 31,000 Income Statement - Homemade Special Pies Ltd. Year ending 2011 Sales 40,000 COGS 20,000 Expenses 19,000 Net Income 1,000 The EBIT of this firm must be higher than $20,000: True or False? True False